2016-05-03T12:51:25-05:00 2015-06-30 560574444 CHERRY BEKAERT LLP 1111 METROPOLITAN AVE STE 1000 CHARLOTTE NC 28204 990 2014-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 LAWRENCE W DAWSON V.P. FINANCIAL AFFAIRS 8007957151 2015-11-03 true JANICE A RATICA P00358837 7043771678 2016-05-03 2014 2016-08-17 19:52:53Z DR WALT GRIFFIN 1115 COLLEGE DRIVE GAFFNEY SC 29340 56959422 false X WWW.LIMESTONE.EDU X 1845 SC 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. 41 41 1181 106 118327 22658 3197528 5276527 45973850 48921527 1120992 666663 16086 72111 50308456 54936828 10298729 11040216 0 20499239 21227546 0 739572 16226221 20456837 47024189 52724599 3284267 2212229 49821131 54931432 10534469 13088852 39286662 41842580 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. false false 47754818 11040216 48803200 LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,649 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 47754818 true true false false false false false true false true true false false false true true true false true false false false false false false false false false true true false false false false false false false false true false false false false false false false false true 56 0 1181 true true true false false false false true true false false false false false X 41 41 false false false false false false false true true false false true true true true true true true true false SC X MORNA BAILEY 8644884574 1115 COLLEGE DRIVE GAFFNEY SC 29340 W RONALD BARRETT BOARD MEMBER 0.25 X 0 0 0 ASHBY L BLAKELY BOARD MEMBER 0.25 X 0 0 0 CAROLYN H BORDERS BOARD MEMBER 0.25 X 0 0 0 WILLIAM W BROWN BOARD MEMBER 1.00 X 0 0 0 CAROL H CAGGIANO BOARD MEMBER 0.25 X 0 0 0 NANCY C CARLISLE BOARD MEMBER 0.25 X 0 0 0 FRANCES L CHILDERS BOARD MEMBER 0.25 X 0 0 0 BETTY T CLARK BOARD MEMBER 0.25 X 0 0 0 MARGARET B CLARY BOARD MEMBER 0.25 X 0 0 0 SARA J EDDINS BOARD MEMBER 0.25 X 0 0 0 FAYE C EDWARDS BOARD MEMBER 0.25 X 0 0 0 JOHN B EGGERS BOARD MEMBER 0.25 X 0 0 0 TROY S GAFFNEY BOARD MEMBER 0.25 X 0 0 0 DR JAY HAMMETT BOARD MEMBER 0.25 X 0 0 0 LYMAN W HAMRICK BOARD MEMBER 0.25 X 0 0 0 RANDY M HINES BOARD MEMBER 0.25 X 0 0 0 DR MICHAEL P HOENIG BOARD MEMBER 0.25 X 0 0 0 DUANE L HOOVER BOARD MEMBER 0.25 X 0 0 0 ELIJAH INABINETTE JR BOARD MEMBER 1.00 X 0 0 0 JON A JENSEN BOARD MEMBER 1.00 X 0 0 0 RICHARD F JIRAN BOARD MEMBER 0.25 X 0 0 0 DR JAMES G KNOX III BOARD MEMBER 0.25 X 0 0 0 JULIE W LOWRY BOARD MEMBER 0.25 X 0 0 0 TOMMY E MARTIN BOARD MEMBER 0.25 X 0 0 0 BILL H MASON BOARD MEMBER 1.00 X 0 0 0 ROY N MATHIS BOARD MEMBER 0.25 X 0 0 0 VERA J MITCHELL BOARD MEMBER 0.25 X 0 0 0 N EUGENE MOORHEAD BOARD MEMBER 0.25 X 0 0 0 J RICK PATTERSON BOARD MEMBER 1.00 X 0 0 0 CHARLIE S PATTON BOARD MEMBER 1.00 X 0 0 0 J GRADY RANDOLPH SR BOARD MEMBER 0.25 X 0 0 0 RANDALL L RICHARDSON BOARD MEMBER 1.00 X 0 0 0 VIRGINIA B SKINNER BOARD MEMBER 0.25 X 0 0 0 DR BARBARA B SMITH BOARD MEMBER 0.25 X 0 0 0 WILLIAM L SMITH II BOARD MEMBER 0.25 X 0 0 0 JOHN B TRAVERS BOARD MEMBER 1.00 X 0 0 0 ROBERT R TURBYFILL JR BOARD MEMBER 0.25 X 0 0 0 PATRICIA W WILLIS BOARD MEMBER 0.25 X 0 0 0 DOUGLAS E WILSON BOARD MEMBER 0.25 X 0 0 0 DONALD A YAGER BOARD MEMBER 0.25 X 0 0 0 JASON D KAUP ALUMNI TRUST 0.25 X 0 0 0 J RICHARD BAINES CHAIRMAN 1.00 X X 0 0 0 DAVID E DORMAN SECRETARY 1.00 X X 0 0 0 DR HENRY L JOLLY JR VICE CHAIRMA 0.25 X X 0 0 0 GAIL S MOSS TREASURER 0.25 X X 0 0 0 DR WALT GRIFFIN PRESIDENT 40.00 X 189260 0 46567 DAVID S RILLING VP FINANCIAL 40.00 X 96143 0 8700 DR KAREN GAINEY EXEC. VP 40.00 X 131521 0 15229 CR HORTON VP INFO TECH 40.00 X 114219 0 9754 DR PAUL LEFRANCOIS PROFESSOR 40.00 X 102744 0 6110 633887 86360 6 false true false SODEXO 1115 COLLEGE DR GAFFNEY SC 29340 FOOD SERVICE 1856943 CENGAGE PO BOX 95999 CHICAGO IL 60694 TEAM SUPPORT 443748 INFINITY MARKETING 874 S PLEASANTBURG DR GREENVILLE SC 29607 TEAM SUPPORT 374256 HORIZON COACH LINES 1251 W CRAIGHEAD RD CHARLOTTE NC 28206 TRANSPORTATION 247365 CRAIG GAULDEN DAVIS INC 19 WASHINGTON PARK GREENVILLE SC 29601 ARCHITECT 241396 13 5276527 227820 5276527 TUITION & FEES 900099 42826644 42826644 AUXILIARY - ROOM & BOARD 900099 3161591 3161591 AUXILIARY - BOOK STORE 900099 2210255 2210255 EDUCATIONAL 900099 591385 591385 SUMMER CAMPS 713940 97891 97891 33761 13325 20436 48921527 594432 594432 80142 8609 71533 71533 71533 2084703 1 2003972 8501 80731 -8500 72231 72231 2090 1512 578 578 54936828 48803200 118327 738774 11040216 11040216 340670 279964 48871 11835 16987883 15961766 596020 430097 994283 951964 24556 17763 1580006 1517984 57838 4184 1324704 830142 460670 33892 38565 13395 25170 81550 26440 55110 118988 55593 63395 39620 39620 773348 766607 6741 608344 452098 84432 71814 3701870 2998505 703365 912088 858822 46309 6957 91300 72635 18665 312826 299168 13658 1940833 1889503 51330 303693 94240 209453 AUXILIARY 2172635 2172635 EQUIPMENT - NON CAPITAL 1660355 578411 1081694 250 BOOKSTORE COST OF GOODS S 1591929 1591929 SUPPLIES 1579900 1408670 153230 18000 4528993 3854511 536443 138039 52724599 47754818 4230209 739572 27456 31265 5482248 7319686 2292765 3648520 1053309 803796 2381 5695 297241 272614 342872 142711 46421019 19903754 24449175 26517265 15873684 16189880 49821131 54931432 1689371 1722135 1771338 1949400 6692579 9036136 381181 381181 10534469 13088852 X 16709628 17231065 12326462 13932992 10250572 10678523 39286662 41842580 49821131 54931432 2212229 343689 X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2560855 X X false 16075592 441323 947245 500355 16963805 14070840 57740 2394237 447225 16075592 13187751 68282 1248455 433648 14070840 13038957 65428 405604 322238 13187751 11017994 95950 2123782 198769 13038957 0.62800 0.37200 true false 79477 1839577 1919054 36514184 15819792 20694392 4752495 3553659 1198836 3235286 530303 2704983 26517265 REFUNDABLE ADVANCE - PERKINS LOAN 318859 REFUNDABLE ADVANCE - CAMP LOAN 62322 381181 X 44283722 343689 24800 18621 387110 43896612 11040216 11040216 54936828 41727804 24800 8500 10121 43421 41684383 11040216 11040216 52724599 SCHEDULE D, PAGE 2, 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 OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE COLLEGE. SCHEDULE D, PAGE 2, PART V, LINE 4 THE ENDOWMENT ACCOUNTS ARE USED TO PAY FUNDED SCHOLARSHIPS FOR LIMESTONE COLLEGE STUDENTS. SCHEDULE D, PAGE 3, PART X MANAGEMENT HAS EVALUATED THE EFFECT OF THE GUIDANCE PROVIDED BY U.S. GAAP ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. MANAGEMENT BELIEVES THAT THE ORGANIZATION CONTINUES TO SATISFY THE REQUIREMENTS OF A TAX-EXEMPT ORGANIZATION AT JUNE 30, 2015. MANAGEMENT HAS EVALUATED ALL OTHER TAX POSITIONS THAT COULD HAVE A SIGNIFICANT AFFECT ON THE FINANCIAL STATEMENTS AND DETERMINED THE ORGANIZATION HAD NO SIGNIFICANT UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2015. SCHEDULE D, PAGE 4, PART XI, LINE 2D RENTAL EXPENSES 8,609 SPECIAL EVENT DIRECT EXPENSES 1,512 LOSS ON DISPOSAL OF ASSETS 8,500 SCHEDULE D, PAGE 4, PART XI, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 11,040,216 SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES 8,609 SPECIAL EVENT DIRECT EXPENSES 1,512 SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 11,040,216 true true true true true true true false false false false false false false false true false true SCHEDULE E, 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. SCHEDULE E, LINE 6 THE COLLEGE ACTS AS AN AGENT BETWEEN THE U.S. 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. true GRANTS & SCHOLARSHIPS 2614 250175 10790041 TUITION RA TUITION ASSISTA SCHEDULE I, PAGE 1, PART I, LINE 2 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 EDUCATION AND THE SOUTH CAROLINA 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 true true X X X X false false false false false false false false false DR WALT GRIFFIN PRESIDENT 189260 11408 35159 235827 SCHEDULE J, PART III 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. X 1 5100 KELLY BLUE BOOK X 11 167414 FMV X 3 8001 APPRAISAL X INSTRUMENTS 1 47305 APPRAISAL false true false FORM 990 - ORGANIZATION'S MISSION 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. FORM 990, PAGE 1, PART I, LINE 6 A LARGE NUMBER OF PEOPLE HAVE CONTRIBUTED SIGNIFICANT AMOUNTS OF TIME TO THE ACTIVITIES OF THE ORGANIZATION WITHOUT COMPENSATION. THE VALUE OF THESE CONTRIBUTED SERVICES, ALTHOUGH CLEARLY SUBSTANTIAL, ARE NOT INCLUDED AS NO RELIABLE BASIS EXISTS FOR DETERMINING AN APPROPRIATE VALUE. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 15A 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. FORM 990, PAGE 6, PART VI, LINE 15B 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, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 LOSSES REPORTED ON RETURN 8,500 RENTAL EXPENSES 8,609 SPECIAL EVENT DIRECT EXPENSES 1,512 LOSS ON DISPOSAL OF ASSETS 8,500 SCHOLARSHIPS (FUNDED/UNFUNDED) -11,040,216 RENTAL EXPENSES -8,609 SPECIAL EVENT DIRECT EXPENSES -1,512 SCHOLARSHIPS (FUNDED/UNFUNDED) 11,040,216