2019-01-16T10:57:00-06:00 2018-05-31 420714325 RSM US LLP 111 ROUNDABOUT COURT ROCKY MOUNT NC 27804 990 2017-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 N MAIN STREET LOUISBURG NC 27549 DR GARY M BROWN PRESIDENT 9194973226 2019-01-09 1 STEPHEN BARNES P01221998 2524460731 108.171.131.171 2019-01-09 09:32:13 CS P 23796E0DF0C2C79F220D728183ED354D61EE56AD C59C49EABE767EEE4707192E881CA878DEAE0024 2017 2019-02-21 02:37:17Z DR GARY M BROWN 501 N MAIN ST LOUISBURG NC 27549 27303409 0 X HTTP://WWW.LOUISBURG.EDU/ X 1928 NC TO PROVIDE EDUCATION OPPORTUNITIES TO STUDENTS UNDER A COLLEGE DEGREE PROGRAM. 29 26 406 45 0 0 2238517 5635364 18139592 16985020 545936 1264280 298091 164886 21222136 24049550 4559789 4106268 0 0 7722143 6965729 0 0 412289 9746000 8761522 22027932 19833519 -805796 4216031 49099922 49594275 29223456 25602439 19876466 23991836 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 15432287 4106268 17086102 (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 OVER THE PAST FIVE YEARS, 90% 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 15432287 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 28 0 1 406 1 0 0 0 0 0 1 1 0 0 0 0 X 29 26 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X DEBRA J SMITH 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 F JOHNSON TRUSTEE 1.00 X 0 0 0 WILLIAM R CROSS TRUSTEE / EXECUTIVE COMMITTEE 2.00 X 0 0 0 DAVID T DEBERRY TRUSTEE / EXECUTIVE COMMITTEE 2.00 X 0 0 0 MARLA G COLEMAN TRUSTEE 1.00 X 0 0 0 SIDNEY E DUNSTON TRUSTEE 1.00 X 0 0 0 JOHN HATCHER JR TRUSTEE 1.00 X 0 0 0 EMILY HODGES TRUSTEE / EXECUTIVE COMMITTEE 2.00 X 0 0 0 PEGGY W WINSTEAD TRUSTEE 1.00 X 0 0 0 LYNDA C LUMPKIN TRUSTEE / SECRETARY 2.00 X X 0 0 0 WILLIAM NORRIS TRUSTEE / EXECUTIVE COMMITTEE 2.00 X 0 0 0 WARD SYLVESTER TRUSTEE 1.00 X 0 0 0 RUSSELL ODOM TRUSTEE 1.00 X 0 0 0 ELY J PERRY III TRUSTEE / VICE CHAIRMAN 2.00 X X 0 0 0 JASON A WILLIAMS TRUSTEE 1.00 X 0 0 0 W BRITT COBB JR TRUSTEE 1.00 X 0 0 0 SHARON H BRYSON TRUSTEE 1.00 X 0 0 0 JOHN F STROTMEYER TRUSTEE 1.00 X 0 0 0 C BOYD STURGES III TRUSTEE / EXECUTIVE COMMITTEE 2.00 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 VICE PRESIDENT OF ENROLLMENT 40.00 X 129563 0 17433 DR GARY M BROWN PRESIDENT 40.00 X 0 0 0 JACKIE MCLAUGHLIN VICE PRESIDENT OF FINANCE 40.00 X 75117 0 5378 DR MARK D LA BRANCHE FORMER PRESIDENT 40.00 X 102036 0 12264 DAWN ROBINSON FORMER VICE PRESIDENT OF FINANCE 40.00 X 107870 0 4559 414586 0 39634 2 1 1 0 CHARTWELLS 501 N MAIN LOUISBURG NC 27549 FOOD SERVICE 1560743 NATIONAL MANAGEMENT RESOURCES 113 CORPORATE PARK E CT LAGRANGE GA 30241 HOUSEKEEPING 396751 UNIT 4 EDUCATION DEPT CH 10977 PLALTINE IL 60055 SOFTWARE 199898 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 ACCOUNTING 117572 ALLRED MECHANICAL SERVICES PO BOX 7663 ROCKY MOUNT NC 27804 REPAIR & MAINTENANCE 106850 5 465299 5170065 65949 5635364 TUITION AND FEES 611310 11319467 11319467 AUXILIARY ENTERPRISES 611310 5665553 5665553 16985020 381570 381570 63804 0 63804 63804 63804 4136569 3245012 8847 891557 -8847 882710 882710 TICKET SALES 711300 4763 4763 96319 96319 101082 24049550 17086102 0 1328084 4106268 4106268 315063 315063 5165954 4364133 558268 243553 430829 206205 209624 15000 634441 522833 85483 26125 419442 328525 71804 19113 50848 45000 5848 126932 126932 108650 108650 1928519 1717457 200033 11029 47048 39169 64 7815 146929 92772 3817 50340 80504 80504 1735306 905490 829816 211065 165914 38515 6636 44982 16978 25286 2718 788464 667142 121322 1403729 1212765 190964 414470 715 413755 SUPPLIES 516308 499021 14363 2924 BAD DEBTS 439466 28648 409375 1443 AUXILLARY EXPENSES 281241 281241 EVENT EXPENSE 184382 159622 24760 252679 72389 179457 833 19833519 15432287 3988943 412289 6668 5980 1730384 3090551 317104 271809 739314 545096 420429 166237 515211 488659 222967 378570 47240653 16997555 31013016 30243098 12934837 13378173 856214 873499 343778 152603 49099922 49594275 1906464 1065952 774623 995114 25175619 23213252 1366750 328121 29223456 25602439 X 4907811 10381435 4121711 4002442 10846944 9607959 19876466 23991836 49099922 49594275 X 4216031 -589042 488381 X X 0 1 X 1 1 1 X X X X 1 92.00 1 0 1 1 1000.00 1 0 14040 X X X 0 14164435 142228 699444 678102 108650 14219355 13646617 415220 668884 468966 97320 14164435 14331689 41852 -189758 452563 84603 13646617 13897408 140532 845822 429429 122644 14331689 12472637 527410 1389548 377666 114521 13897408 0.14000 0.68000 0.18000 1 0 47229 1808124 1855353 250000 36311061 9773529 26787532 8609707 7106910 1502797 214532 117116 97416 30243098 AGENCY FUNDS 132035 ADVANCES FROM FEDERAL GOVERNMENT FOR STUDENT LOANS 196086 328121 X 19090992 -589042 -589042 19680034 108650 4260866 4369516 24049550 15618601 0 15618601 108650 4106268 4214918 19833519 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 PRESEREVATION 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 4,106,268. INVESTMENT RETURN OVER SPENDING POLICY 154,598. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 4,106,268. 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 703 4045168 FMV FEDERAL AND STATE GRANTS 31 61100 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 1 0 0 0 0 0 0 0 0 DR MARK D LA BRANCHE FORMER PRESIDENT 102036 0 0 0 0 0 6221 0 6043 0 114300 0 0 0 DAWN ROBINSON FORMER VICE PRESIDENT OF FINANCE 41747 0 0 0 66123 0 0 0 4559 0 112429 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. PART I, LINE 4A DAWN ROBINSON, FORMERLY THE V.P. OF FINANCE, RECEIVED SEVERENCE PAY AS DISCLOSED ON SCHEDULE J UPON HER TERMINATION OF EMPLOYMENT. EMILY HODGES TRUSTEE AND INSURANCE AGENT 418090 PREMIUMS PAID FOR COMMERCIAL, STUDENT, ATHLETIC, AND LIABILITY INSURANCE POLICIES. 0 ROGER TAYLOR TRUSTEE AND INSURANCE AGENT 363108 PREMIUMS PAID ON LIFE INSURANCE FOR KEY EMPLOYEES 0 FIRST CITIZENS BANK APPOINTED TRUSTEE AND LENDING 1145690 LOANS AND CREDIT CARDS 0 X LEGAL SERVICES 1 35000 MARKET VALUE X SPORTS EQUIPMENT 1 15621 MARKET VALUE X OTHER 23 9528 MARKET VALUE X FURNITURE 1 5800 MARKET VALUE 0 0 0 PART I, COLUMN (B): THE COLLEGE USED THE NUMBER OF CONTRIBUTIONS FOR SMALLER ITEMS AND NUMBER OF ITEMS FOR LARGER ITEMS. 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 17,285. DEFINED BENEFIT PENSION PLAN CHANGES 471,096. 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 665805 5778167 LOUISBURG COLLEGE FOUNDATION LLC 501 NORTH MAIN ST LOUISBURG NC 27549 812734620 HOLD ASSETS TO BE USED AS COLLATERAL FOR USDA DEBT NC 0 100