2014-02-14T14:11:43-06:00 2013-06-30 CHERRY BEKAERT LLP 201 WEST MCBEE AVE SUITE 200 GREENVILLE SC 29601 990 2012-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 DAVID S RILLING 8007957151 2013-10-23 true SARAH P MCGREGOR 8642333981 2014-02-14 2012 2015-11-30 17:44:51Z DR WALT GRIFFIN 1115 COLLEGE DRIVE GAFFNEY SC 29340 47228708 false 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. 44 44 1084 105 102636 28680 1780682 2577426 39108862 40619763 490719 650713 17279 30019 41397542 43877921 6532891 7491951 0 18552562 19549366 0 872749 15647571 15908761 40733024 42950078 664518 927843 39128772 42417905 6221239 7825477 32907533 34592428 LIMESTONE COLLEGE IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. 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PERKINS LOAN 473774 REFUNDABLE ADVANCE - CAMP LOAN 62322 536096 X 37162787 733652 23400 19765 776817 36385970 7491951 7491951 43877921 35477892 19765 19765 35458127 7491951 7491951 42950078 LIABILITY UNDER FIN 48 FOOTNOTE 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, 2013. 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, 2013. REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 2D RENTAL EXPENSES 8,610 SPECIAL EVENT DIRECT EXPENSES 11,155 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 7,491,951 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES 8,610 SPECIAL EVENT DIRECT EXPENSES 11,155 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 7,491,951 SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE D, PAGE 4, PART XIII FORM 990, PART V LINES 1C, 7G & 7H LIMESTONE COLLEGE COMPLIED WITH THE REPORTING REQUIREMENTS, HOWEVER, DURING THE YEAR THERE WERE NO GAMING WINNERS, CONTRIBUTIONS OF QUALIFIED INTELLECTUAL PROPERTY OR CONTRIBUTIONS OF BOATS, AIRPLANES AND OTHER VEHICLES. PART XIII - SUPPLEMENTAL FINANCIAL INFORMATION LIMESTONE COLLEGE IS CURRENTLY RE-ASSESSING ALL OF ITS POLICIES AND PROCEDURES TO ASCERTAIN WHETHER ALL LEGISLATIVE MANDATES HAVE BEEN ADDRESSED. MODIFICATIONS ARE BEING MADE AS DEEMED NECESSARY. true true true true true true true false false false false false false false false true false true PUBLICATION OF NONDISCRIMINATORY POLICY IN MEDIA EXPLANATION 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 FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION SCHEDULE E 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 TO THE APPLICABLE STUDENTS ACCOUNT SCHOLARS DOLLAR 23156 20970 2186 7773 GOLF TOURNAMENT 5421 5421 3382 28577 20970 7607 11155 11155 -3548 true GRANTS & SCHOLARSHIPS 803 7491951 PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES 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. X X true true X X X X false false false false false false false false false DR WALT GRIFFIN 180987 10859 34079 225925 OTHER ADDITIONAL INFORMATION SCHEDULE J, PART III HOUSING IS PROVIDED FOR THE PRESIDENT FOR THE CONVENIENCE OF THE COLLEGE. ADDITIONALLY, A MAID AND YARD SERVICE IS PROVIDED TO MAINTAIN THE PREMISES. EXPLANATION ON VOLUNTEERS AND TYPES OF SERVICES OR BENEFITS 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 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. ENFORCEMENT OF CONFLICTS POLICY 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. IN THE EVENT OF A CONFLICT OF INTEREST THE BOARD OF TRUSTEE MEMBER IS ASKED TO RECUSE THEMSELF FROM THE DISCUSSION AND VOTE. COMPENSATION PROCESS FOR TOP OFFICIAL 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. COMPENSATION PROCESS FOR OFFICERS 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. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. RECONCILIATION OF CHANGES - OTHER FORM 990, PART XI, LINE 9 RENTAL EXPENSES 8,610 SPECIAL EVENT DIRECT EXPENSES 11,155 SCHOLARSHIPS (FUNDED/UNFUNDED) -7,491,951 RENTAL EXPENSES -8,610 SPECIAL EVENT DIRECT EXPENSES -11,155 SCHOLARSHIPS (FUNDED/UNFUNDED) 7,491,951