2018-04-26T08:05:07-05:00 2017-06-30 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2016-07-01 570314402 Limestone College LIME 8007957151 1115 College Drive Gaffney SC 29340 lawrence w dawson vp for financial affairs 8007957151 2018-04-24 1 Amanda Adams P00748038 7043771678 66.168.122.91 2018-04-24 11:37:08 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 0B670C8C210F0245D71F1F8B052AA4E3CE9649D0 2016 2021-01-29 14:40:06Z Dr Darrell Parker 1115 College Drive Gaffney SC 29340 54841779 0 X www.limestone.edu X 1845 SC LImestone College is a four-year, liberal arts institution in Gaffney, SC. Established in 1845, Limestone offers masters, bachelor and associate degrees through traditional and non-traditional educational opportunities. 35 35 1093 103 30965 6794 1064488 2561039 50797133 49123311 879297 1272217 81200 99256 52822118 53055823 14132437 13480855 0 0 20207942 20353240 0 0 656924 17261043 18456993 51601422 52291088 1220696 764735 55163002 55654566 12247646 10555758 42915356 45098808 X The mission of limestone college is to educate students from diverse backgrounds in the liberal arts and selected professional disciplines. By providing degree programs throughout South Carolina and by way of the internet, Limestone College offers opportunities for personal and professional growth to individuals who may find access to higher education difficult. 0 0 48415215 13480855 48240604 Limestone College provides post-secondary education for approximately 2,800 FTE degree-seeking students, including academic/student support and auxiliary services. 48415215 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 45 0 1 1093 1 1 1 0 0 0 0 0 0 0 0 0 X 35 35 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X Jeremy Whitaker 8644884574 1115 COLLEGE DRIVE GAFFNEY SC 29340 J Richard Baines Chair 1.00 X X 0 0 0 Henry Jolly Vice Chair 0.25 X X 0 0 0 Eugene Moorhead Secretary 0.25 X X 0 0 0 Tommy Martin Treasurer 0.25 X X 0 0 0 Ashby Blakely Board member 0.25 X 0 0 0 James Brown Board member 1.00 X 0 0 0 Samuel Burns Board member 1.00 X 0 0 0 Karen Channell Board member 0.25 X 0 0 0 Betty Clark Board member 0.25 X 0 0 0 Crosland Cox Board member 0.25 X 0 0 0 Richard Disney Board member 0.25 X 0 0 0 Sara Eddins Board member 0.25 X 0 0 0 Troy Gaffney Board member 0.25 X 0 0 0 Wardlaw Hamrick Board member 0.25 X 0 0 0 Randy Hines Board member 0.25 X 0 0 0 Michael Hoenig Board member 0.25 X 0 0 0 Duane Hoover Board member 0.25 X 0 0 0 Jon Jensen Board member 1.00 X 0 0 0 Richard Jiran Board member 0.25 X 0 0 0 James Knox Board member 0.25 X 0 0 0 Julie Lowry Board member 0.25 X 0 0 0 John Milko Board member 1.00 X 0 0 0 Vera Mitchell Board member 0.25 X 0 0 0 Gail Moss Board member 0.25 X 0 0 0 Rick Patterson Board member 1.00 X 0 0 0 Charles Patton Board member 1.00 X 0 0 0 Grady Randolph Board member 0.25 X 0 0 0 Randall Richardson Board member 1.00 X 0 0 0 David Riggins Board member 1.00 X 0 0 0 William Smith Board member 0.25 X 0 0 0 Joseph Sullivan Board member 1.00 X 0 0 0 John Travers Board member 1.00 X 0 0 0 Robert Turbyfill Board member 0.25 X 0 0 0 Douglas Wilson Board member 0.25 X 0 0 0 Donald Yager Board member 0.25 X 0 0 0 Dr Walt Griffin PResident 40.00 X 191610 0 39505 wayde dawson VP Financial Affairs 40.00 X 91547 0 14289 Dr Karen Gainey VP Academic Affairs 40.00 X 130637 0 13933 413794 0 67727 2 0 1 0 sodexo 1115 COLLEGE DRIVE GAFFNEY SC 29340 FOOD SERVICE 1514294 INFINITY MARKETING 874 S PLEASANTBURG DRIVE GREENVILLE SC 29607 MARKETING 395158 Cross Country Tours 2460 Whitestone Glendale Road Spartanburg SC 29302 Transportation 313983 CENGAGE LEARNING PO BOX 95999 CHICAGO IL 606945999 TEAM SUPPORT 305537 Elliance 600 River Avenue Pittsburgh PA 152125935 Advertising 225593 9 2561039 63518 2561039 Tuition and Fees 611310 42491986 42491986 Auxiliary - Room and Board 611310 4053964 4053964 Auxiliary - BookStore 611310 1689967 1689967 Education 611310 882707 882707 other 611310 4687 4687 49123311 566875 566875 102794 34503 68291 68291 68291 2456795 1750388 1065 706407 -1065 705342 705342 Summer Camps 713940 30965 30965 30965 53055823 48240604 30965 2223215 13480855 13480855 348281 284143 52242 11896 16237104 15356317 486644 394143 596391 562412 19378 14601 1907952 1799250 61992 46710 1263512 1191525 41054 30933 98174 89174 9000 58800 58800 75273 75273 773430 764564 8866 1001277 842662 95331 63284 4861257 4819144 42113 590122 557180 24570 8372 79311 55806 23505 216649 202838 13811 1892285 1835516 56769 433619 100764 332855 Auxiliary Expenses 2730916 2410631 320285 Capital Expenditures 1578916 402706 1175752 458 Bookstore Expenses 1146524 1146524 ATHLETICS 784801 784801 2135639 1728403 329575 77661 52291088 48415215 3218949 656924 31669 30316 11052712 11037477 2071042 1633764 825203 440855 32003 12147 359061 224100 184565 203742 47853521 23222318 25619155 24631203 14553192 16996239 434400 444723 55163002 55654566 1743613 1342748 1532291 1392697 8646254 7757991 325488 62322 12247646 10555758 X 18510873 18454457 13654045 15808062 10750438 10836289 42915356 45098808 55163002 55654566 764735 1418717 0 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2758592 X X 0 17044517 74336 2437724 368598 19187979 16963805 71052 545851 536191 17044517 16075592 441323 947245 500355 16963805 14070840 57740 2394237 447225 16075592 13187751 68282 1248455 433648 14070840 0.00000 0.56470 0.43530 0 0 79477 1839577 1919054 37160370 17788103 19372267 5948505 5434215 514290 2825592 2825592 24631203 Refundable Advances 62322 62322 X 43078411 1418717 22100 34503 1475320 41603091 75273 11377459 11452732 53055823 40894959 22100 1065 34503 57668 40837291 75273 11378524 11453797 52291088 Part III, Line 4: The College's collections are made up of library books, artifacts of historical significance and art objects. If purchased, items accessioned into the collection are capitalized at cost, and if donated, they are capitalized at their appraised value or fair value as of the dates on which the items are accepted by the college. Part V, Line 4: THE COLLEGE'S ENDOWMENT CONSISTS OF APPROXIMATELY 160 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. ENDOWMENT FUNDS ARE AVAILABLE FOR SCHOLARSHIPS, BUILDING MAINTENANCE AND OTHER OPERATIONAL NEEDS OF THE COLLEGE DEPENDING ON THE SPECIFIC FUND. Part X, Line 2: Management has evaluated the effect of the guidance provided by U.S. GAAP on Accounting for Uncertainty in Income Taxes. Management believes that the College continues to satisfy the requirements of a tax-exempt organization at June 30, 2017 and 2016. Management has evaluated all other tax positions that could have a significant effect on the financial statements and determined the College had no significant uncertain income tax positions at June 30, 2017 and 2016. Part XI, Line 2d - Other Adjustments: rental expenses reported net against rental income 34,503. Part XI, Line 4b - Other Adjustments: Scholarships (funded/unfunded) 11,378,524. loss on disposal of assets -1,065. Part XII, Line 2d - Other Adjustments: rental expenses reported net against rental income 34,503. Part XII, Line 4b - Other Adjustments: Scholarships (Funded/Unfunded) 11,378,524. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 Limestone College reaffirms its compliance with Title IX and does not discriminate on the basis of race, color, nationality, origin, handicap, or sex in admissions, employment or educational programs. Limestone publishes its nondiscriminatory policy in the student catalog and employee handbook. This information is also available on the College's website. Schedule E, Part I, Line 6 THe college acts as an agent between the US department of education, the South Carolina department of revenue, and Limestone students. the college receives funds from the government agencies and applies the funds directly to the applicable student's account. 1 0 0 Grants and Scholarships 1063 215160 13265695 tuition rates Tuition Assistance PART I, LINE 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS Financial Aid guidelines are utilized to determine the qualifications of each recipient. The guidelines are published in limestone college's academic catalog and comply with eligibility requirements published by the U.S. Department of revenue. Annual Compliance audits are completed by an independent accounting firm. As funds are received, they are posted to the students' accounts. X X 1 1 X X X X 0 0 0 0 0 0 0 0 0 Dr Walt Griffin PResident 191610 0 0 0 0 0 11497 0 28008 0 231115 0 0 0 Part I, Line 1a THE COLLEGE PROVIDES HOUSING AND WEEKLY HOUSEKEEPING SERVICES TO THE PRESIDENT FOR THE CONVENIENCE OF THE EMPLOYER SO THAT THE PRESIDENT CAN PERFORM ESSENTIAL COLLEGE BUSINESS AND ACTIVITIES AT THE HOME. THESE BENEFITS ARE NONTAXABLE. THE VALUE OF THESE BENEFITS IS INCLUDED WITH OTHER NONTAXABLE BENEFITS IN PART II, COLUMN D. X 13 52178 fmv X equipment, supplies 16 11340 fmv 0 0 1 0 Form 990, Part VI, Section B, line 11b A copy of the 990 and 990T were presented to the audit committee for review. A copy of the returns were made accessible to board members. following presentation and approval, the returns were submitted to the internal revenue service. Form 990, Part VI, Section B, line 12c Annually, a conflict of interest questionnaire is completed by members of the board of trustees and reviewed for any noted conflicts. Trustees who have noted a conflict of interest recuse themselves from all discussion and/or vote. Form 990, Part VI, Section B, line 15 COMPENSATION PROCESS FOR TOP OFFICIAL THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE Minutes. COMPENSATION PROCESS FOR TOP OFFICERS THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE Minutes. Form 990, Part VI, Section C, line 19 Governing documents are made available to the public upon request.