2015-05-13T22:51:31-05:00 2014-06-30 363990892 Capin Crouse LLP 1255 Lakes Parkway Suite 130 Lawrenceville GA 30043 990 2013-07-01 570314390 Erskine College and Theological Seminary ERSK 8643798812 PO Box 338 Due West SC 29639 Gregory W Haselden Senior VP Finance/Operations 8642294951 2015-05-13 1 David C Moja P00747006 6785185301 2013 2016-03-07 17:11:31Z Brad Christie PO Box 338 Due West SC 29639 31929207 0 X www.erskine.edu X 1837 SC Christian liberal arts college and graduate theological seminary. 27 26 490 40 0 0 2683384 1827257 21987608 24325190 2690478 1987189 83513 60685 27444983 28200321 10609422 12559140 0 0 9504141 9296506 0 0 279786 8890081 9777840 29003644 31633486 -1558661 -3433165 75599606 74501164 22343860 21629507 53255746 52871657 Erskine College exists to Glorify God as a Christian academic community where students are equipped to flourish as whole persons for lives of service through the pursuit of undergraduate liberal arts and graduate theological education. 0 0 26041017 12559140 24325190 College and seminary education, student room and board, athletics, bookstore, and other college activities. The College served approximately 750 students during the tax year. 26041017 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1126 0 1 490 1 0 0 0 0 0 0 0 0 0 0 X 27 26 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X Gregory W Haselden 8643798812 PO Box 338 Due West SC 29639 David Conner Trustee - Chairman 2.00 X X 0 0 0 Bill Cain Trustee - Co-Chair 2.00 X X 0 0 0 Max Bolin Trustee - Secretary 2.00 X X 0 0 0 Judy Boyd Trustee 2.00 X 0 0 0 Fred Carr Trustee 2.00 X 0 0 0 Dixon Cunningham Trustee 2.00 X 0 0 0 Joey Donahue Trustee 2.00 X 0 0 0 Tom Hellams Jr Trustee 2.00 X 0 0 0 Bev Hicks Trustee 2.00 X 0 0 0 Sam James Trustee 2.00 X 0 0 0 R Johnston Trustee 2.00 X 0 0 0 Jeff Kingswood Trustee 2.00 X 0 0 0 Morrie Lawing Trustee 2.00 X 0 0 0 RJ McDonald III Trustee 2.00 X 0 0 0 Mark McDowell Trustee 2.00 X 0 0 0 Dody Morris Trustee 2.00 X 0 0 0 Mantle Nance Trustee 2.00 X 0 0 0 Andy Putnam Trustee 2.00 X 0 0 21900 Chad Reynolds Trustee 2.00 X 0 0 0 Lisa Robinson Senn Trustee 2.00 X 0 0 0 Steve Southwell Trustee 2.00 X 0 0 0 Steve Suits Trustee 2.00 X 0 0 0 Richard Taylor Jr Trustee 2.00 X 0 0 0 Ann Marie Tribble Trustee 2.00 X 0 0 0 Peter Waid Trustee 2.00 X 0 0 0 Bert Welch Trustee 2.00 X 0 0 0 Dan Whitesides Trustee 2.00 X 0 0 0 Brad Christie Acting President 40.00 X 125420 0 16451 Gregory Haselden Sr VP Fin/Operations, Treasurer 40.00 X 116516 0 6648 David Norman President (Jan - June '13) 40.00 X 181938 0 6623 423874 0 51622 3 0 1 0 Aramark Higher Education 22506 Network Place Chicago IL 60673 Facilities mgmt 2585702 Aramark Services PO Box 518 Due West SC 29639 Dining services 1537820 Ebsco Subscription Services PO Box 2543 Birmingham AL 35202 Electronic library services 132993 3 456918 121933 1248406 1827257 Student Tuition & Fees 611710 18625309 18625309 Auxiliary Enterprises 611710 5636859 5636859 Other Program Income 611710 63022 63022 24325190 954195 954195 58482 6703 51779 51779 51779 4755177 3722183 1032994 1032994 1032994 8906 0 8906 8906 28200321 24325190 0 2047874 12559140 12559140 278260 128877 149383 45861 45861 7354896 6994813 193479 166604 222089 130043 83716 8330 726362 433451 279037 13874 669038 399264 257029 12745 19934 19934 42961 42961 164657 164657 180590 180590 159211 159211 551008 217917 297959 35132 119833 119833 892227 892227 93303 41209 46914 5180 576836 576836 1420106 1420106 305440 305440 Institutional Services 2120523 2120523 Food Services 123371 123371 3007840 2969919 37921 31633486 26041017 5312683 279786 786667 293460 216604 217242 32285 190377 870663 655407 131781 166188 86224 80631 53862610 27246011 27627349 26616599 37906682 34947579 5755221 9066625 1133981 1221016 1052149 1046040 75599606 74501164 2283253 1195999 485701 500405 11435644 11154647 743135 1732359 7396127 7046097 22343860 21629507 X -5723482 -7026836 6172273 6599563 52806955 53298930 53255746 52871657 75599606 74501164 X -3433165 2668042 381034 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 8 8 1 0 927936 X X 0 38994185 193973 4544867 3891470 39841555 39628456 397212 3124768 4156251 38994185 47765835 309852 69536 8516767 39628456 43606659 485532 3715822 42178 47765835 42500837 777955 1345693 1017826 43606659 0 0 1169432 755548 1924980 42120481 19291767 22828714 9402665 7539760 1862905 414484 414484 0 26616599 Trust Fund and Annuity Assets 946382 F Cash Surrender Value of Life Insurance 158363 F US Government Securities 2565689 F Other Fixed Income Investments 2020215 F Alternative Investments 3375976 C 9066625 US Government Loan Funds - Refundable 961407 Annuities Payable 1067140 Interest Rate Swap Liability 1645551 Trust Liabilities 2971895 Other Liabilities 299272 Capital Lease 100832 7046097 X 18781676 2668042 84716 -12171403 -9418645 28200321 0 28200321 19165765 84716 6703 91419 19074346 12559140 12559140 31633486 Part II, Line 9: Revenues/expenses from conservation easements are not separately reported on the Statement of Activities, and the easements are not separately presented on the Statement of Financial Position. Part III, Line 4: The College maintains an art center that displays works of art including paintings, music boxes, furniture, and other items to the public. The collection enriches the campus community and provides the art students (stuido artists and art history majors) with examples of various art mediums used in classroom instruction. The College displays the artwork free of charge to the public. Part V, Line 4: The College's endowment intends to provide scholarships to students, help fund department chairs, and fund other restricted program expenses. Part V, Line 2: Explanation: Estimated percentage of the current year end balance (line 1g, column (a)) held as: 2a: Board designated or quasi-endowment -41.64% 2b: Permanent endowment 127.33% 2c: Temporarily restricted endowment 14.31% Part X, Line 2: The financial statement effects of a tax position taken or expected to be taken are recognized in the financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the statements of activities. As of June 30, 2014 and 2013, the College had no uncertain tax positions that qualify for recognition or disclosure in the financial statements. The College files information tax returns in the U.S. The College is generally no longer subject to U.S. federal income tax examinations by tax authorities for years before 2009. Part XI, Line 2d - Other Adjustments: Unrealized gain on interest rate swap 98,032. Change in value of trusts and annuities 296,531. Rental expenses 6,703. Scholarships and other aid -12,559,140. Loss on pledges previously recognized -13,529. Part XII, Line 2d - Other Adjustments: Rental expenses 6,703. Part XII, Line 4b - Other Adjustments: Scholarships and other aid 12,559,140. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The Institution's racially nondiscrimination policy is made available through local print media outlets and college and seminary catalogs. Schedule E, Part I, Line 6 The College receives Federal and State funds to provide financial aid for students. Europe (Including Iceland & Greenland) 0 0 Program Services Study abroad 114367 0 0 0 0 0 0 114367 0 114367 0 0 0 0 0 0 Part I, line 3: Accrual method is used to account for foreign expenditures. 1 Scholarships 575 10483074 Athletic Scholarships 172 2076066 Part I, Line 2: The College monitors enrollment and the Financial Aid Office of the College keeps the requisite records in either an electronic or hard copy form. X 1 1 X X X 1 0 0 0 0 0 0 0 0 David Norman President (Jan - June '13) 181938 0 0 0 0 0 0 0 6713 0 188651 0 0 0 Part I, Line 1a The spouse of the President occasionally accompanies him on business trips. If the College determines the expense to not meet the critera to be a bona fide business expense, the amounts are included in taxable compensation. Part I, Line 4a Former President David Norman received a severance package during the tax year ended June 30, 2014. The package during the fiscal year included: Salary: $175,000 Health insurance: $20,094 21900 Merit Based Tuition assistence Rebecca Magee Family member of Max Bolin, Secretary and Trustee 45861 Wages and benefits 0 Form 990, Part VI, Section A, line 1 The governing body delegates broad authority to an Executive Committee consisting of the Board Officers and Board Committee Chairs. The Executive Committee has full power and authority to act and to transact any business for and on behalf of the College and in the place of the Board of Trustees during the interim between meetings of the Board of Trustees except the Executive Committee may not appoint or remove Corporate Officers, nore make a bulk sale, dissolve the corporation, alter Bylwas, or authorize degrees. Form 990, Part VI, Section A, line 4 During the tax year the filing Organization amended its charter to address the removal process of members of the Board of Trustees and amended its bylaws to address the annual payout from unrestricted endowment funds. Form 990, Part VI, Section B, line 11 The Board of Trustees of the institution has empowered the Finance Committee to review in detail and approve the Form 990 prior to filing by the institution. Additionally, copies of the completed Form 990 are made available to all Board Members before filing. Form 990, Part VI, Section B, line 12c The President and Vice-Presidents are required to complete conflict of interest forms on an annual basis. All other institution staff complete the forms ever other year. These forms are reviewed by management and a report is given to the Board of Trustees each Fall at the semi-annual meeting. If a conflict of interest were to arise, all material facts are disclosed to the Committe on Trustees; the proposed contract, transaction, or relationship is examined to determine if it is in the best interest of the college, and the decision is documented; and the individual who has an interest excuses him/herself from the discussion preceding the vote and the vote to approve the proposed contract or transaction. Form 990, Part VI, Section B, line 15a Line 15a) The President's compensation is reviewed on an annual basis as part of a performance review by the Executive Committee. Compensation is compared against information obtained from Form 990s of other institutions similar in size to Erskine. Process includes contemporaneous substantiation of the deliberation and decision. Line 15b) The Senior Vice President of Finance/Operations, Treasurer's compensation is set by the President, who is independent. The President looks at national and regional comparable salary data for pay increases. Form 990, Part VI, Section C, line 19 Documents are made available upon request. Form 990, Part XI, line 9: Unrealized Gain on Interest Rate Swap 98,032. Change in Value of Trusts & Annuities 296,531. Loss on Pledges Previously Recognized -13,529. Form 990, Part XII, Line 2c: The process for oversight of the audit and selection of an independent accountant has not changed from the prior year. Form 990, Part VI, Line 7a/7b: The College is an institution of the General Synod of the Associate Reformed Presbyterian Church (ARPC). The ARPC appoints the College's trustees and must approve all changes or amendments to the College's charter. General Synod of the Associate Reformed Presbyterian Church 1 Cleveland St Ste 110 Greenville SC 29601 576030380 Convention of churches SC 501(c)(3) Line 1 N/A 0 Charitable remainder unitrust (8) Trust SC Erskine College and Theological Seminary 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 General Synod of the Associate Reformed Presbyterian Church C