2020-10-29T12:28:36-05:00 2020-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 900 CHARLOTTE NC 28204 990 2019-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 MIKE W HARDIN VP ADMINISTRATION/FINANCE 7044064282 2020-10-08 1 AMANDA ADAMS P00748038 7043771678 24.148.72.23 2020-10-08 19:23:45 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 8369F72A91E8F2395BABADA1687340D8EB97FF78 2019 2021-01-29 14:40:06Z WILLIAM M DOWNS POST OFFICE BOX 997 BOILING SPRINGS NC 28017 96775787 0 X WWW.GARDNER-WEBB.EDU X 1905 NC GARDNER-WEBB UNIVERSITY, A PRIVATE, CHRISTIAN, BAPTIST-RELATED UNIVERSITY, PROVIDES OUTSTANDING UNDERGRADUATE AND GRADUATE EDUCATION THAT IS STRONGLY GROUNDED IN THE LIBERAL ARTS WHILE OFFERING OPPORTUNITIES TO PREPARE FOR VARIOUS PROFESSIONS. FOSTERING MEANINGFUL INTELLECTUAL THOUGHT, CRITICAL ANALYSIS, AND SPIRITUAL CHALLENGE WITHIN A DIVERSE COMMUNITY OF LEARNING, GARDNER-WEBB IS DEDICATED TO HIGHER EDUCATION THAT INTEGRATES SCHOLARSHIP WITH CHRISTIAN LIFE. BY EMBRACING FAITH AND INTELLECTUAL FREEDOM, BALANCING CONVICTION WITH COMPASSION, AND INSPIRING A LOVE OF LEARNING, SERVICE, AND LEADERSHIP, GARDNER-WEBB PREPARES ITS GRADUATES TO MAKE SIGNIFICANT CONTRIBUTIONS FOR GOD AND HUMANITY IN AN EVER-CHANGING GLOBAL COMMUNITY. 39 38 1514 0 11815 -13661 7858165 8528407 83767568 84575897 2022323 -1657533 16882 11815 93664938 91458586 29038392 31995281 0 0 35023587 35710198 0 0 851231 28344270 26799828 92406249 94505307 1258689 -3046721 157622923 150371986 35735673 34704018 121887250 115667968 THE UNIVERSITY STATEMENT OF VALUES CONSISTS OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, A STUDENT-CENTERED FOCUS, COMMUNITY ENGAGEMENT AND DIVERSITY. 0 0 82367145 31995281 84575897 THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 3,524 STUDENTS DURING 2019-2020 AND AWARDED APPROXIMATELY $30M IN SCHOLARSHIPS AND TUITION ASSISTANCE. 82367145 1 1 0 0 0 0 0 1 1 1 1 0 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 233 0 1 1514 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 39 38 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X MIKE W HARDIN 7044064282 100 S MAIN STREET/WEBB HALL BOILING SPRINGS NC 28017 MS JENNIFER MARION MILLS CHAIR 1.00 X X 0 0 0 MR RONALD BEANE IMMEDIATE PAST CHAIR 1.00 X X 0 0 0 MRS CANDACE AREY SECRETARY (2019) 1.00 X X 0 0 0 MR CHRISTOPHER WELCH CHAIR, ATHLETICS, SECRETARY 1.00 X X 0 0 0 MR DAVID ROYSTER III TREASURER 1.00 X X 0 0 0 MS SUSAN BRIGGS CHAIR AUDIT, VICE CHAIR 1.00 X X 0 0 0 MR RODNEY ALLISON CHAIR, DEVELOPMENT (2019) 1.00 X 0 0 0 MS ASHLEY LOWERY CHAIR, DEVELOPMENT (2020) 1.00 X 0 0 0 MR BOB SHEPHERD CHAIR, DIVINITY (2019) 1.00 X 0 0 0 MR M LAMONT LITTLEJOHN JR CHAIR, DIVINITY (2020) 1.00 X 0 0 0 MR GARY SMITH III CHAIR, EDUCATIONAL AFFAIRS 1.00 X 0 0 0 MR THOMAS WATSON JR CHAIR, ENROLLMENT MGMT 1.00 X 0 0 0 MR RANDALL MARION CHAIR, FINANCIAL AFFAIRS 1.00 X 0 0 0 MR JOHN TEETER CHAIR, MEMBERSHIP (2019) 1.00 X 0 0 0 MR TONY ROBBINS CHAIR, STUDENT DEVELOPMENT 1.00 X 0 0 0 MR JOHN BELL TRUSTEE 1.00 X 0 0 0 MR W THOMAS BELL TRUSTEE 1.00 X 0 0 0 MR RALPH BENTLEY TRUSTEE 1.00 X 0 0 0 MR RODERICK CLOUSE TRUSTEE 1.00 X 0 0 0 MR MARK COLLINS TRUSTEE 1.00 X 0 0 0 MR EDWARD COOK TRUSTEE 1.00 X 0 0 0 MS CVERHONDA CRAWFORD TRUSTEE 1.00 X 0 0 0 MR J WILLIAM ELLIS TRUSTEE 1.00 X 0 0 0 MR O MAX GARDNER III TRUSTEE 1.00 X 0 0 0 MR CHRISTOPHER GASH TRUSTEE 1.00 X 0 0 0 MR GEORGE GILLIAM TRUSTEE 1.00 X 0 0 0 MS KATHERINE HOYLE TRUSTEE 1.00 X 0 0 0 MRS TERESA HUGGINS TRUSTEE 1.00 X 0 0 0 MR DAVID KEIM TRUSTEE 1.00 X 0 0 0 MR MAURICE MORROW III TRUSTEE 1.00 X 0 0 0 MS CAROLE ROBERTS TRUSTEE 1.00 X 0 0 0 MR STEVE SIMPSON TRUSTEE 1.00 X 0 0 0 MS DELAINA SMITH TRUSTEE 1.00 X 0 0 0 MR W JESSE SPRINKLE IV TRUSTEE 1.00 X 0 0 0 MS LISA TUCKER TRUSTEE 1.00 X 0 0 0 MR D JENSEN TURNER TRUSTEE 1.00 X 0 0 0 MR PHILIP TURNER TRUSTEE 1.00 X 0 0 0 MR ARCHIE WOOD TRUSTEE 1.00 X 0 0 0 MR MAURICE YORK TRUSTEE 1.00 X 0 0 0 WILLIAM M DOWNS PRESIDENT 40.00 X 191396 0 21285 BENJAMIN C LESLIE PROVOST & EVP 40.00 X 170046 0 26392 MIKE W HARDIN SENIOR VP FOR ADMINISTRATION 40.00 X 161353 0 35370 JAMES CRAFT HEAD MENS BASKETBALL COACH 40.00 X 167539 0 35517 ANTHONY NEGBENEBOR PROFESSOR 40.00 X 163590 0 14490 AMI STEELE PA PROGRAM DIRECTOR 40.00 X 160395 0 6063 FELICE POLICASTRO PROFESSOR 40.00 X 156176 0 33010 HARRY FISH JR VP FOR ADVANCEMENT 40.00 X 151523 0 6041 ARNOLD F BONNER FORMER PRESIDENT 40.00 X 286093 0 1171 1608111 0 179339 35 1 1 0 SODEXO PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 3516685 K12 TEACHERS ALLIANCE 20624 ABBEY WOODS COURT NORTH FRANKFORT IL 60423 RECRUITING SERVICES 1372979 THE BUDD GROUP PO BOX 890856 CHARLOTTE NC 28289 JANITORIAL SERVICES 429437 EAB PO BOX 603519 CHARLOTTE NC 28260 CONSULTING SERVICES 405951 ELLUCIAN COMPANY 14083 COLLECTION CENTER DRIVE CHICAGO IL 60693 CONSULTING SERVICES 186635 10 2442414 6085993 1016213 8528407 TUITION AND FEES 900099 66872548 66872548 ROOM AND BOARD 900099 12486437 12486437 OTHER AUXILIARY SERVICES 900099 3396311 3396311 BOOKSTORE 900099 1597694 1597694 STUDENT LOAN INTEREST AND FEES 900099 222907 222907 84575897 2488052 2488052 11815 0 11815 11815 11815 1034056 137560 5190951 126250 -4156895 11310 -4145585 -4145585 91458586 84575897 11815 -1657533 31995281 31995281 803447 803447 27690668 23825924 3403490 461254 919347 795923 108015 15409 4281597 3641674 569424 70499 2015139 1690303 292111 32725 43460 43460 114654 114654 261374 261374 651059 70396 580663 2088876 861335 1227541 1004103 677211 326892 879102 66875 812227 1610449 1561999 33462 14988 1332603 1292615 39988 848272 442332 405940 1187761 997565 95198 94998 4153551 4071162 56902 25487 1003810 38093 965717 OTHER STUDENT SERVICES 10501518 9219221 1146426 135871 BOOKSTORE COGS 1119236 1119236 94505307 82367145 11286931 851231 24154944 22755599 6566101 6017840 1517469 1682673 613744 583149 997745 952142 137732629 83685508 55864866 54047121 48405482 57641273 16527025 4192103 2526700 2094603 448847 405483 157622923 150371986 4301510 3867915 3563251 5130583 24909047 23678511 81394 97360 2880471 1929649 35735673 34704018 X 54737504 51266999 67149746 64400969 121887250 115667968 157622923 150371986 -3046721 -3172561 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29332 X X 0 0 1 X 64618076 2732578 -5301753 664842 61384058 63924716 556459 3094304 2957403 64618076 62668442 879025 2908421 2531172 63924716 59555300 1072317 4556686 2515861 62668442 59894815 2254132 -17314 2576333 59555300 0.10080 0.69910 0.20010 0 0 1913274 3177524 5090798 103424204 57244315 46179889 29065111 26441193 2623918 152516 152516 54047121 ANNUITIES PAYABLE 264552 CONSTRUCTION COSTS PAYABLE 69821 DUE TO OTHER AGENCIES 30017 REFUNDABLE FEDERAL GOVERNMENT ADVANCES 1565259 1929649 X 57548355 -3172561 -3172561 60720916 261374 30476296 30737670 91458586 63767637 0 63767637 261374 30476296 30737670 94505307 PART III, LINE 4: COLLECTIBLES ARE HELD FOR POSSIBLE FUTURE SALE, OF PART OR ALL OF THE COLLECTION, WITH THE PROCEEDS TO BE USED TO FUND EDUCATIONAL PROGRAMS OF THE UNIVERSITY. PART IV, LINE 2B: THE UNIVERSITY HOLDS FUNDS IN A CUSTODIAL CAPACITY FOR STUDENT ORGANIZATIONS AND CLUBS. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 550 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES AND INCLUDES PERMANENTLY RESTRICTED DONOR GIFTS AS PART OF IRREVOCABLE TRUST AND ANNUITY GIFTS. THE ENDOWMENTS ARE USED TO FUND STUDENT SCHOLARSHIPS, ACADEMIC PROGRAMS, AND ACADEMIC ENHANCEMENT ACTIVITIES SUCH AS TRAVEL. PART X, LINE 2: THE UNIVERSITY IS EXEMPT FROM FEDERAL AND STATE INCOME TAXATION UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). IN ACCORDANCE WITH IRC REGULATIONS, THE UNIVERSITY IS TAXED ON UNRELATED BUSINESS INCOME, WHICH CONSISTS OF EARNINGS FROM ACTIVITIES NOT RELATED TO THE EXEMPT PURPOSE OF THE UNIVERSITY. THE UNIVERSITY ACCOUNTS FOR TAX UNCERTAINTIES BASED ON A MORE LIKELY THAN NOT RECOGNITION THRESHOLD WHEREBY TAX BENEFITS ARE ONLY RECOGNIZED WHEN THE UNIVERSITY BELIEVES THAT THEY HAVE A GREATER THAN 50% LIKELIHOOD OF BEING SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE UNIVERSITY HAS EVALUATED ALL TAX POSITIONS AND DETERMINED THAT IT HAS NO UNCERTAIN INCOME TAX POSITIONS AS OF JUNE 30, 2020 AND 2019. PART XI, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 30,476,296. PART XII, LINE 4B - OTHER ADJUSTMENTS: TUITION DISCOUNTS REDUCING TUITION INCOME 30,476,296. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 RACIALLY NON-DISCRIMINATORY POLICY STATEMENT IS INCLUDED IN THE ACADEMIC CATALOG WHICH CAN BE FOUND ON THE GARDNER-WEBB UNIVERSITY WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 4192103 0 0 0 0 0 0 4192103 0 4192103 0 0 1 1 0 0 PART I, LINE 3: THE AMOUNT REPORTED IN COLUMN (F) REPRESENTS THE FAIR MARKET VALUE OF THE ORGANIZATION'S FOREIGN INVESTMENTS AS OF THE END OF THE FISCAL YEAR. PART III ACCOUNTING METHOD: 1 ACADEMIC SCHOLARSHIPS 1247 15470231 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS ATHLETIC SCHOLARSHIPS 421 8500523 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS OTHER SCHOLARSHIPS 1024 4831571 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS FUNDED STUDENT AID 95 3192956 PART I, LINE 2: GARDNER-WEBB UNIVERSITY PRACTICES A YEARLY REVIEW (AT THE END OF THE SPRING SEMESTER) TO MONITOR ALL STUDENTS AWARDED AN INSTITUTIONAL SCHOLARSHIP BASED ON THE FOLLOWING CRITERIA: ENROLLMENT STATUS, HOUSING STATUS, GPA AND MAINTAINING SATISFACTORY ACADEMIC PROGRESS IN ACCORDANCE WITH THE UNIVERSITY'S POLICY. X 1 1 X X X 0 0 0 0 0 0 0 0 0 WILLIAM M DOWNS PRESIDENT 191396 0 0 0 0 0 7000 0 14285 0 212681 0 0 0 BENJAMIN C LESLIE PROVOST & EVP 170046 0 0 0 0 0 7160 0 19232 0 196438 0 0 0 MIKE W HARDIN SENIOR VP FOR ADMINISTRATION 161353 0 0 0 0 0 6800 0 28570 0 196723 0 0 0 JAMES CRAFT HEAD MENS BASKETBALL COACH 167539 0 0 0 0 0 6947 0 28570 0 203056 0 0 0 ANTHONY NEGBENEBOR PROFESSOR 163590 0 0 0 0 0 4597 0 9893 0 178080 0 0 0 AMI STEELE PA PROGRAM DIRECTOR 160395 0 0 0 0 0 6000 0 63 0 166458 0 0 0 FELICE POLICASTRO PROFESSOR 156176 0 0 0 0 0 4440 0 28570 0 189186 0 0 0 HARRY FISH JR VP FOR ADVANCEMENT 151523 0 0 0 0 0 6000 0 41 0 157564 0 0 0 ARNOLD F BONNER FORMER PRESIDENT 175000 0 0 0 111093 0 1168 0 3 0 287264 0 0 0 PART I, LINE 1A TWO EMPLOYEES HAVE A COUNTRY CLUB MEMBERSHIP EXCLUSIVELY FOR BUSINESS PURPOSES, SUCH AS MEETINGS WITH FRIENDS OF THE UNIVERSITY. THEREFORE, THE VALUE OF THE MEMBERSHIP HAS NOT BEEN TREATED AS A TAXABLE BENEFIT. A PUBLIC FINANCE AUTHORITY 560529972 74443DFJ5 2018-12-19 24757413 REFINANCE TWO BANK LOANS 0 0 0 A 1190000 24797108 2441500 485005 21870603 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 1 0 0 0 0 0 0 1 A 1 SCHEDULE K, PART II, LINE 3: TOTAL PROCEEDS OF ISSUE: THE TOTAL PROCEEDS OF ISSUE SHOWN IN PART II IS HIGHER THAN THE ISSUE PRICE REPORTED IN PART I DUE TO INVESTMENT EARNINGS ON THE RESERVE FUND. MAXWELL B HAMRICK INSURANCE MS. HUGGINS IS A CO-OWNER OF THE INSURANCE COMPANY USED BY THE UNIVERSITY. 965616 MS. HUGGINS IS A UNIVERSITY TRUSTEE AND CO-OWNER OF HAMRICK INSURANCE. TRANSACTIONS BETWEEN THE UNIVERSITY AND HAMRICK INSURANCE ARE AT ARM'S LENGTH AND REPRESENT PAYMENTS FOR INSURANCE COVERAGE FOR THE UNIVERSITY. PAYMENTS ARE MADE FOR INSURANCE COVERAGE ONLY. 0 X 1 31000 FMV X 4 780289 FMV X 1 190000 FMV X SOFTWARE 1 14924 FMV 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 RANDALL MARION AND JENNIFER MARION MILLS HAVE A FAMILY AND BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B GARDNER-WEBB UNIVERSITY'S BOARD OF TRUSTEES HAS DELEGATED RESPONSIBILITY OVER COMPLIANCE WITH LAWS AND REGULATIONS, INCLUDING FORM 990, TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES. A DRAFT OF FORM 990 WILL BE PRESENTED TO AND REVIEWED BY THE AUDIT COMMITTEE. AFTER ACCEPTANCE BY THE AUDIT COMMITTEE, A COPY OF FORM 990 WILL BE DISTRIBUTED TO THE FULL BOARD AND THE AUDIT FIRM WILL BE GIVEN THE AUTHY TO COMPLETE THE FILING OF FORM 990. FORM 990, PART VI, SECTION B, LINE 12C ALL TRUSTEES SHALL DISCLOSE TO THE BOARD ANY POSSIBLE CONFLICT OF INTEREST AT THE EARLIEST PRACTICABLE TIME. NO TRUSTEE SHALL VOTE ON ANY MATTER, UNDER CONSIDERATION AT A BOARD OR COMMITTEE MEETING, IN WHICH SUCH TRUSTEE HAS A CONFLICT OF INTEREST. THE MINUTES OF SAID MEETING SHALL REFLECT THAT A DISCLOSURE WAS MADE AND THAT THE TRUSTEE HAVING A CONFLICT OF INTEREST ABSTAINED FROM VOTING. ANY TRUSTEE WHO IS UNCERTAIN WHETHER A CONFLICT OF INTEREST MAY EXIST IN ANY MATTER MAY REQUEST THE BOARD OR COMMITTEE TO RESOLVE THE QUESTIONS BY MAJORITY VOTE. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL AND COMPENSATION COMMITTEE SHALL BE COMPRISED OF THE CHAIRMAN OF THE BOARD, THE VICE CHAIRMAN, THE IMMEDIATE PAST CHAIRMAN, THE CHAIRMAN OF THE FINANCIAL AFFAIRS COMMITTEE, AND ONE TRUSTEE APPOINTED BY THE CHAIRMAN OF THE BOARD. THE COMMITTEE RECOMMENDS TO THE BOARD THE PRESIDENT'S COMPENSATION, ADVISES THE PRESIDENT, APPROVES SENIOR STAFF COMPENSATION, AND SERVES AS A PERSONNEL COMMITTEE FOR THE NEEDS OF THE PRESIDENT. THE COMPENSATION COMMITTEE IS PROVIDED A COPY OF A SALARY COMPARISON BY NCICU SO THEY CAN COMPARE PRESIDENT'S AND KEY EMPLOYEES' SALARIES. ALL DELIBERATIONS AND DECISIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. CHARITABLE REMAINDER TRUSTS (15) INVESTMENTS NC N/A T 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0