2019-11-06T09:23:51-06:00 2018-12-31 560574444 CHERRY BEKAERT LLP 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2018-01-01 237242844 SHERMAN COLLEGE OF STRAIGHT CHIROPRACTIC SHER 8645788770 PO BOX 1452 SPARTANBURG SC 29304 KAREN G CANUP COO/CFO 8645788770 2019-11-05 1 AMANDA ADAMS P00748038 8642333981 66.168.122.91 2019-11-05 10:47:41 ES P 120F5A18CE41A9D6862AD2F91D057C96B8D3C6ED 0B670C8C210F0245D71F1F8B052AA4E3CE9649D0 2018 2020-03-31 21:24:44Z EDWIN CORDERO 745 PEACHTREE ROAD CHESNEE SC 29323 20585699 0 X WWW.SHERMAN.EDU X 1973 SC EDUCATE, GRADUATE, AND SUPPORT COMPETENT, COMPASSIONATE, ETHICAL, AND SUCCESSFUL DOCTORS OF CHIROPRACTIC WHO EXCEL AS PRIMARY HEALTH CARE PROVIDERS CENTERED ON VERTEBRAL SUBLUXATION. 13 13 340 0 0 0 1105493 823178 12428997 13528361 465568 1182061 -83868 0 13916190 15533600 413190 420625 0 0 7828278 8549998 151228 153000 552070 3411322 4101823 11804018 13225446 2112172 2308154 22523902 36403547 2510136 15919744 20013766 20483803 THE MISSION OF SHERMAN COLLEGE IS TO EDUCATE, GRADUATE, AND SUPPORT COMPETENT, COMPASSIONATE, ETHICAL, AND SUCCESSFUL DOCTORS OF CHIROPRACTIC, WHO EXCEL AS PRIMARY HEALTH CARE PROVIDERS CENTERED ON VERTEBRAL SUBLUXATION. 0 0 9893568 420625 13528361 EDUCATIONAL SERVICES WERE PROVIDED TO APPROXIMATELY 422 FULL-TIME CHIROPRACTIC STUDENTS. EDUCATION SCHOLARSHIPS WERE PROVIDED TO 268 STUDENTS. VISITS TO THE HEALTH CENTER TOTALED 27,556. 9893568 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 1 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 56 0 1 340 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 13 13 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X DAVID BEDFORD 8645788770 2020 SPRINGFIELD ROAD BOILING SPRINGS SC 29316 JUDY CAMPANALE DC CHAIR 2.00 X X 0 0 0 KARLOS BOGHOSIAN DC VICE-CHAIR 2.00 X X 0 0 0 SHAWN DILL DC SECRETARY 2.00 X X 0 0 0 STEVEN BONAFONTE ESQ BOARD TRUSTEE 2.00 X 0 0 0 JOSEPH BORIO DC BOARD TRUSTEE 2.00 X 0 0 0 LINDA GIULIANO MBA BOARD TRUSTEE 2.00 X 0 0 0 FRANK HAHN DC BOARD TRUSTEE 2.00 X 0 0 0 PETER KEVORKIAN DC BOARD TRUSTEE 2.00 X 0 0 0 DANIEL KNOWLES III DC BOARD TRUSTEE 2.00 X 0 0 0 TONY LAWHON ESQ BOARD TRUSTEE 2.00 X 0 0 0 MATTHEW MCCOY DC MPH BOARD TRUSTEE 2.00 X 0 0 0 KIM STETZEL DC BOARD TRUSTEE 2.00 X 0 0 0 SHANE WALKER DC BOARD TRUSTEE 2.00 X 0 0 0 EDWIN CORDERO DC PRESIDENT 37.50 X 375067 0 27493 NEIL COHEN DC EXECUTIVE VICE PRESIDENT 37.50 X 216915 0 20895 KAREN CANUP CPA VP BUSINESS/FINANCE 37.50 X 182582 0 24070 ROBERT IRWIN DC PROVOST 37.50 X 148331 0 28619 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 37.50 X 124625 0 26879 LASHANDA HUTTO-HARRIS MSW VP STUDENT AFFAIRS 37.50 X 91736 0 21679 OHMAR LAND AVP INSTITUTIONAL ADVANCEMENT & PR 37.50 X 117201 0 5293 PENGJU LUO DIRECTOR OF RESEARCH 37.50 X 100328 0 12561 1356785 0 167489 7 0 1 0 HARPER CORPORATION 35 WEST COURT STREET GREENVILLE SC 29601 CONSTRUCTION 11796659 CAMPUS MANAGEMENT CORPORATION 5201 CONGREE AVENUE BOCA RATON FL 33487 SYSTEM IMPLEMENTATION 341962 BRAILSFORD & DUNLAVEY 401 N TRYON STREET CHARLOTTE NC 28202 PROJECT MANAGEMENT 310909 LORD AECK SARGENT 1175 PEACHTREE STREET NE ATLANTA GA 30361 ARCHITECT 259061 COMMUNITY COUNSELING SERVICE 527 MADISON AVENUE NEW YORK NY 10022 FUNDRAISING 153000 6 106825 716353 8978 823178 TUITION & FEES 611430 12938175 12938175 HEALTH CENTER 611710 289811 289811 EDUCATIONAL SEMINARS/EVENTS 611430 226670 226670 BOOKSTORE 611710 62281 62281 11424 11424 13528361 390371 390371 5842989 800 5040525 11574 802464 -10774 791690 791690 15533600 13528361 0 1182061 420625 420625 1288891 441869 847022 5775831 4943664 609607 222560 229324 188847 38637 1840 758416 637173 104306 16937 497536 396825 83929 16782 41722 41722 53168 53168 153000 153000 132273 132273 803769 606222 189462 8085 60683 37466 22717 500 240002 101081 119213 19708 116444 38230 78214 166816 106814 59005 997 366084 216214 116463 33407 36734 1270 120 35344 342676 310616 29161 2899 81481 73858 6934 689 SPECIAL PROGRAMS/EVENTS 604547 560084 17269 27194 EQUIPMENT RENTAL/MAINT. 577495 523680 48948 4867 SUPPLIES 196225 161483 32427 2315 FACULTY/STAFF DEVELOPME 147037 107621 34779 4637 134667 19926 114432 309 13225446 9893568 2779808 552070 2757838 4074417 258622 392800 535778 495987 9054 7917 603920 524169 103315 105895 54661 40062 22785705 3832763 6039919 18952942 12097037 11714663 63758 94695 22523902 36403547 1363045 1574005 29465 20396 0 13394605 1117626 930738 2510136 15919744 X 17569062 18255306 1151803 932559 1292901 1295938 20013766 20483803 22523902 36403547 2308154 -1838117 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1430651 4073 -80428 137750 14266 1202280 1313694 58779 155678 82544 14956 1430651 1223305 5765 96294 11670 1313694 1293406 9035 -5549 59155 14432 1223305 1134458 207566 86621 122783 12456 1293406 0.00000 1.00000 0.00000 0 0 181634 181634 3829491 1736758 2092733 1956217 1359951 596266 16818363 736054 16082309 18952942 REFUNDABLE GOVERNMENT LOANS 533084 CHARITABLE GIFT ANNUITIES PAYABLE 348802 CAPITAL LEASE OBLIGATIONS 48852 930738 13241365 -1838117 -442894 -2281011 15522376 21998 -10774 11224 15533600 12771328 10774 10774 12760554 21998 442894 464892 13225446 PART V, LINE 4: THE COLLEGE'S ENDOWMENT CONSISTS OF 12 INDIVIDUAL FUNDS ESTABLISHED PRIMARILY FOR SCHOLARSHIP AND OPERATING PURPOSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE -442,894. PART XI, LINE 4B - OTHER ADJUSTMENTS: LOSS ON DISPOSITION OF FIXED ASSETS -10,774. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS AND EMPLOYEE DISCOUNTS NETTED WITH TUITION REVENUE 442,894. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 1 1 SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICIES ARE PUBLISHED IN VARIOUS PUBLICATIONS, HANDBOOKS, AND ON THE COLLEGE'S ADMISSIONS WEBSITE. SCHEDULE E, PART I, LINE 6 THE COLLEGE PARTICIPATES IN VARIOUS FEDERAL STUDENT FINANCIAL ASSISTANCE PROGRAMS UNDER TITLE IV OF THE HIGHER EDUCATION ACT OF 1965 (AS AMENDED) IN ACCORDANCE WITH THE PROGRAM PARTICIPATION AGREEMENT ENTERED INTO WITH THE US DEPARTMENT OF EDUCATION. IN JULY 1995, THE COLLEGE'S PRIMARY REGIONAL ACCREDITATION AGENCY (SACS) REMOVED THE COLLEGE FROM MEMBERSHIP WITH THE COMMISSION ON COLLEGES OF THE ASSOCIATION FOR FAILURE TO COMPLY WITH CRITERIA SECTION 1.4 (CONDITION OF ELIGIBILITY THIRTEEN - FINANCIAL RESPONSIBILITY) AND SECTION 6.3.1 (FINANCIAL RESOURCES). THEREFORE, THE COLLEGE WAS NO LONGER CONSIDERED ELIGIBLE TO PARTICIPATE IN THE TITLE IV PROGRAMS BY THE DEPARTMENT OF EDUCATION. THE COLLEGE WAS ALLOWED TO REAPPLY FOR ELIGIBILITY EFFECTIVE APRIL 25, 1996, BASED ON ITS ACCREDITATION STATUS WITH THE COMMISSION ON ACCREDITATION OF THE COUNCIL ON CHIROPRACTIC EDUCATION (CCE). THE COLLEGE IS NOW DUALLY ACCREDITED BY BOTH SACS AND CCE. X X X X X 1 COMMUNITY COUNSELING SERVICES 527 MADISON AVENUE NEW YORK NY 10022 DEVELOPMENT CONSULTING 0 0 153000 -153000 153000 -153000 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 1 SCHOLARSHIPS AND AWARDS 104 52440 106689 PUBLISHED TUITION AND FEE RATES TUITION DISCOUNTS TUITION ASSISTANCE 108 261496 PUBLISHED TUITION AND FEE RATES DISCOUNTS OFFERED TO SPOUSES OR FAMILY MEMBERS OF CURRENT STUDENTS PART I, LINE 2: THE COLLEGE, THROUGH ITS FINANCIAL AID OFFICE, MAINTAINS RECORDS TO SUBSTANTIATE AMOUNTS, ELIGIBILITY, AND SELECTION CRITERIA USED FOR SCHOLARSHIPS. THE COLLEGE MONITORS THE ASSISTANCE BY REVIEWING GRADE TRANSCRIPTS AND ATTENDANCE RECORDS ON A QUARTERLY BASIS. FOR TUITION DISCOUNTS, IT IS THE STUDENT'S RESPONSIBILITY TO COMPLETE THE APPROPRIATE DOCUMENTATION PRIOR TO THE BEGINNING OF THE QUARTER FOR WHICH THE DISCOUNT IS REQUESTED. THE DEAN OF STUDENTS AND THE STUDENT RECEIVING THE DISCOUNT IS RESPONSIBLE FOR NOTIFYING THE FINANCIAL AID OFFICE ON A TIMELY BASIS OF ANY CHANGE IN THE STUDENT'S PERSONAL STATUS THAT WOULD HAVE BEARING ON THE STUDENT'S ENTITLEMENT TO THE DISCOUNT. X X X 0 0 0 0 0 0 0 1 0 EDWIN CORDERO DC PRESIDENT 345067 0 30000 0 0 0 11000 0 16493 0 402560 0 0 0 NEIL COHEN DC EXECUTIVE VICE PRESIDENT 205650 0 11265 0 0 0 4402 0 16493 0 237810 0 0 0 KAREN CANUP CPA VP BUSINESS/FINANCE 172216 0 10366 0 0 0 7569 0 16501 0 206652 0 0 0 ROBERT IRWIN DC PROVOST 139007 0 9324 0 0 0 12278 0 16341 0 176950 0 0 0 JOE DONOFRIO DC VP ACADEMIC AFFAIRS 115942 0 8683 0 0 0 10517 0 16362 0 151504 0 0 0 PART I, LINE 7 THE PRESIDENT/CEO'S CONTRACT PROVIDES FOR A DISCRETIONARY BONUS COMPONENT AND IS DETERMINED BY THE BOARD. FOR OTHER OFFICERS, AMOUNTS ARE APPROVED AS PART OF THE ANNUAL BUDGET PROCESS AND AWARDED AT THE DISCRETION OF THE PRESIDENT. FORM 990, PART VI, SECTION A, LINE 1 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES SHALL CONSIST OF THE CHAIR, THE VICE CHAIR AND THE SECRETARY OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE SHALL HAVE FULL AUTHORITY TO ACT ON BEHALF OF THE BOARD OF TRUSTEES IN ANY INSTANCE WHEN A MEETING OF THE BOARD OF TRUSTEES CANNOT BE HELD IN A TIMELY MANNER. ANY SUCH ACTIONS NORMALLY REQUIRING A VOTE OF THE BOARD SHALL BE RATIFIED BY VOTE AT THE NEXT BOARD OF TRUSTEES MEETING. FORM 990, PART VI, SECTION A, LINE 2 PETER KEVORKIAN, TRUSTEE AND LINDA GIULIANO, TRUSTEE HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS PROVIDED TO THE FINANCE AND AUDIT COMMITTEE ELECTRONICALLY, PRIOR TO A SCHEDULED MEETING OF THE FULL BOARD. PRIOR TO THE FULL BOARD MEETING, THE FINANCE AND AUDIT COMMITTEE REVIEW THE FORM WITH THE CFO/COO. THE CHAIRPERSON OF THE FINANCE AND AUDIT COMMITTEE REPORTS AND MAKES ANY RECOMMENDATIONS PRIOR TO THE APPROVAL BY THE FULL BOARD. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY. AT EACH BI-ANNUAL ON-SITE BOARD OF TRUSTEE MEETING, EACH TRUSTEE SIGNS A CODE OF CONDUCT CERTIFICATION. AS A PART OF THIS DOCUMENT, EACH TRUSTEE ACKNOWLEDGES THE TRUSTEE CODE OF CONDUCT AND THE CONFLICT OF INTEREST POLICIES, CERTIFYING THERE ARE NO FINANCIAL INTERESTS OR AFFILIATIONS WITH ANY ORGANIZATION WHICH MAY HAVE INTERESTS THAT CONFLICT WITH OR APPEAR TO CONFLICT WITH, THE BEST INTERESTS OF SHERMAN COLLEGE. THE TRUSTEE ALSO AGREES TO REPORT PROMPTLY TO THE BOARD CHAIR ANY FUTURE SITUATION THAT MIGHT APPEAR TO INVOLVE A POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE COLLEGE'S PRESIDENT, OFFICERS, AND KEY EMPLOYEES, IS REVIEWED AND SUBSTANTIATED BY COMPARABILITY DATA. THE COLLEGE UTILIZES DATA FROM VARIOUS SOURCES, INCLUDING THE ASSOCIATION OF CHIROPRACTIC COLLEGES, WHO SURVEYS THE COMPENSATION PACKAGES OF COLLEGE PRESIDENTS AND KEY EMPLOYEES ANNUALLY. THE PRESIDENT'S COMPENSATION PACKAGE IS APPROVED BY THE BOARD OF TRUSTEES. THE PRESIDENT APPROVES THE SALARIES OF THE EXECUTIVE TEAM ALTHOUGH SALARIES IN TOTAL ARE APPROVED INDIRECTLY BY THE BOARD OF TRUSTEES THROUGH THE BUDGET APPROVAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE'S BYLAWS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE ON ITS WEBSITE. WHILE FINANCIAL STATEMENTS ARE NOT OPEN TO THE PUBLIC, THE FORM 990 CONTAINS FINANCIAL INFORMATION ON THE COLLEGE AND IS AVAILABLE UPON REQUEST.