2020-05-26T20:02:51-05:00 2019-05-31 420714325 RSM US LLP 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 990 2018-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 N MAIN STREET LOUISBURG NC 27549 DR GARY M BROWN PRESIDENT 9194973226 2020-05-21 1 STEPHEN BARNES P01221998 2524460731 66.98.98.8 2020-05-21 14:40:53 CD P C59C49EABE767EEE4707192E881CA878DEAE0024 C59C49EABE767EEE4707192E881CA878DEAE0024 2018 2020-09-22 18:59:49Z DR GARY M BROWN 501 N MAIN ST LOUISBURG NC 27549 21255816 0 X HTTP://WWW.LOUISBURG.EDU/ X 1928 NC TO PROVIDE EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 26 23 357 45 0 0 5635364 2049713 16985020 17052326 1264280 555789 164886 249706 24049550 19907534 4106268 3938828 0 0 6965729 5934642 0 0 346773 8761522 8849591 19833519 18723061 4216031 1184473 49594275 48585741 25602439 24023703 23991836 24562038 X (SEE CONTINUATION OF PRIMARY MISSION STATEMENT ON SCHEDULE O) RELATED BY FAITH TO THE UNITED METHODIST CHURCH, LOUISBURG COLLEGE IS COMMITTED TO OFFERING A SUPPORTIVE COMMUNITY WHICH 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 15621260 3938828 17379389 (SEE CONTINUATION OF PROGRAM SERVICE ACCOMPLISHMENTS ON SCHEDULE O) 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 79%.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 83% OF THEM HAVE TRANSFERRED TO FOUR-YEAR INSTITUTIONS SUCH AS EAST CAROLINA UNIVERSITY, NC STATE UNIVERSITY, UNIVERSITY OF NORTH CAROLINA AT GREENSBORO, NORTH CAROLINA CENTRAL UNIVERSITY 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 15621260 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 1 0 0 0 1 0 0 0 0 1 32 0 1 357 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 26 23 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 N MAIN STREET LOUISBURG NC 27549 JOHN A ALLEN TRUSTEE 1.00 X 0 0 0 ANNE D BOWEN TRUSTEE 1.00 X 0 0 0 BILL BODDIE JR TRUSTEE 1.00 X 0 0 0 STEVEN E BROOKS TRUSTEE 1.00 X 0 0 0 LINDA JOHNSON TRUSTEE 1.00 X 0 0 0 WILLIAM R CROSS TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 DAVID T DEBERRY TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 MARLA G COLEMAN TRUSTEE 1.00 X 0 0 0 SIDNEY E DUNSTON TRUSTEE 1.00 X 0 0 0 EMILY HODGES TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 PEGGY W WINSTEAD TRUSTEE 1.00 X 0 0 0 LYNDA C LUMPKIN TRUSTEE / SECRETARY 1.00 X X 0 0 0 WILLIAM NORRIS TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 WARD SYLVESTER TRUSTEE 1.00 X 0 0 0 RUSSELL ODOM TRUSTEE 1.00 X 0 0 0 JASON A WILLIAMS TRUSTEE 1.00 X 0 0 0 W BRITT COBB JR TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 SHARON H BRYSON TRUSTEE 1.00 X 0 0 0 C BOYD STURGES III TRUSTEE / EXECUTIVE COMMIT 1.50 X 0 0 0 ROGER G TAYLOR TRUSTEE 1.00 X 0 0 0 WILLIAM C SHELTON TRUSTEE 1.00 X 0 0 0 BOBBIE RICHARDSON TRUSTEE 1.00 X 0 0 0 CHARLES KNIGHT TRUSTEE 1.00 X 0 0 0 GRAY SOUTHERN TRUSTEE 1.00 X 0 0 0 FRANKLIN T ROBERTS TRUSTEE / CHAIRMAN 2.00 X X 0 0 0 LYNDA W HUDSON TRUSTEE 1.00 X 0 0 0 STEPHANIE TOLBERT SR VICE PRESIDENT OF ENROLLME 40.00 X 112613 0 16713 DR GARY M BROWN PRESIDENT 40.00 X 202856 0 27796 DR BONNIE SUDERMAN VICE PRESIDENT OF ACADEMIC LIFE 40.00 X 76260 0 11444 ANNA FAATILIGA CFO 40.00 X 28007 0 4821 419736 0 60774 2 0 1 0 NATIONAL MANAGEMENT RESOURCES 113 CORPORATE PARK E CT LAGRANGE GA 30241 HOUSEKEEPING 381322 ALLRED MECHANICAL SERVICES PO BOX 7663 ROCKY MOUNT NC 27804 REPAIR & MAINTENANCE 178543 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 ACCOUNTING 112833 3 235044 1814669 13228 2049713 TUITION AND FEES 611310 11228898 11228898 AUXILIARY ENTERPRISES 611310 5823428 5823428 17052326 396698 396698 81734 0 81734 81734 81734 1487303 20070 1321560 26722 165743 -6652 159091 159091 ATHLETIC EVENTS 711210 6905 6905 161067 161067 167972 19907534 17379389 0 478432 3938828 3938828 480510 480510 4078821 3629277 253128 196416 408676 366190 32216 10270 597035 500137 74506 22392 369600 299579 55492 14529 9500 9500 103091 103091 120456 120456 1814702 1691472 115469 7761 310801 285592 1236 23973 2585973 2072645 501267 12061 235018 217444 13493 4081 781204 674929 106275 1416981 1224214 192767 340123 100 340023 AUXILLARY EXPENSES 317558 317558 SUPPLIES 298016 192372 45493 60151 BAD DEBTS 212964 218213 -5249 SALES TAX, FOOD SERVICE 172575 172575 130629 38348 91893 388 18723061 15621260 2755028 346773 5980 4449 3090551 3499975 271809 197700 545096 400458 166237 159070 488659 422174 378570 560915 47684664 18313564 30243098 29371100 13378173 13212968 873499 756932 152603 0 49594275 48585741 1065952 764408 995114 775021 23213252 21981995 328121 502279 25602439 24023703 X 10381435 10157113 4002442 3692613 9607959 10712312 23991836 24562038 49594275 48585741 X 1184473 -153480 -460791 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 1 92.00 1 0 1 1 1000.00 0 1 0 14040 X X X 0 14219355 1202360 152687 519102 1000000 120456 13934844 14164435 142228 699444 678102 108650 14219355 13646617 415220 668884 468966 97320 14164435 14331689 41852 -189758 452563 84603 13646617 13897408 140532 845822 429429 122644 14331689 0.06830 0.76870 0.16300 1 0 47229 1875494 1922723 250000 36291186 10568898 25972288 8665630 7615297 1050333 555125 129369 425756 29371100 AGENCY FUNDS 130384 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 183263 LIABILITY FOR PENSION BENEFITS 188632 502279 X 15823154 -153480 -153480 15976634 120456 3810444 3930900 19907534 14663777 0 14663777 120456 3938828 4059284 18723061 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 A 1860 WEBER GRAND PIANO, PAINTINGS AND ARTWORK. THE COLLECTIBLES ARE AVAILABLE FOR EDUCATION, PUBLIC EXHIBITION AND PRESERVATION FOR FUTURE GENERATIONS. PART X, LINE 2: MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAS 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 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 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,938,828. INVESTMENT RETURN OVER SPENDING POLICY -128,384. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,938,828. PART V LINE 4 PART V - LINE 4 - EARNINGS FROM ENDOWMENT FUNDS ARE AVAILABLE FOR THE PURPOSE SPECIFIED IN THE DONOR'S ENDOWMENT AGREEMENT, PRIMARILY SCHOLARSHIP ALLOWANCES TO STUDENTS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 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 INSTITUTIONAL SCHOLARSHIPS 639 3875889 FMV FEDERAL AND STATE GRANTS 41 62939 FMV 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 202856 0 0 0 0 0 18621 0 9175 0 230652 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 388847 PREMIUMS PAID FOR COMMERCIAL, STUDENT, ATHLETIC, AND LIABILITY INSURANCE POLICIES. 0 ROGER TAYLOR TRUSTEE AND INSURANCE AGENT 349200 PREMIUMS PAID ON LIFE INSURANCE FOR KEY EMPLOYEES 0 FIRST CITIZENS BANK APPOINTED TRUSTEE AND LENDING 1583847 LOANS AND CREDIT CARDS 0 X OTHER 8 6028 MARKET VALUE X EQUIPMENT 1 4200 MARKET VALUE X FURNITURE 1 3000 MARKET VALUE 0 0 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 COMPARARIVE 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 FINANICAL 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 -116,567. DEFINED BENEFIT PENSION PLAN CHANGES -344,224. FORM 990 PART XII LINE 2C THE AUDIT COMMITTEE ASSUMES REPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE COLLEGE'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. KENAN HALL SARE LLC 501 NORTH MAIN ST LOUISBURG NC 27549 462059052 OWN, ENCUMBER, AND SELL THE KENAN HALL DORMITORY NC 764091 5661550 LOUISBURG COLLEGE FOUNDATION LLC 501 NORTH MAIN ST LOUISBURG NC 27549 812734620 HOLD ASSETS TO BE USED AS COLLATERAL FOR USDA DEBT NC 0 1534255