2012-05-08T11:51:56-05:00 2011-06-30 CHERRY BEKAERT & HOLLAND LLP 201 WEST MCBEE AVE SUITE 200 GREENVILLE SC 29601 990 2010-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 DAVID S RILLING 8007957151 2012-04-18 true SARAH P MCGREGOR 8642333981 2012-04-18 2010 2016-02-24 21:20:13Z DR WALT GRIFFIN 1115 COLLEGE DRIVE GAFFNEY SC 29340 44202377 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 BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. 39 39 1010 97 107001 27970 1674091 2435384 36694614 38775512 273692 467757 14622 12638 38657019 41691291 6313447 6926304 0 15981297 17428268 0 943278 14023870 15287728 36318614 39642300 2338405 2048991 32902884 38799563 4627788 6558657 28275096 32240906 LIMESTONE COLLEGE IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES. false false 37413737 6926304 38775512 LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,668 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 37413737 true true false false false false false false false true true false false false true true true false true false false false false false true false false false true true false false false false false false false false true false false false false false false false false false true 8 0 true 1010 true true true false false false false true true false false false true true false X 39 39 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 MARGARET B CLARY X 0 0 0 J EUGENE ADAMS X 0 0 0 ANNA C BALL X 0 0 0 W RONALD BARRETT 1.00 X 0 0 0 ASHBY L BLAKELY X 0 0 0 STEPHEN R BRYANT X 0 0 0 ALVIN G CAIN X 0 0 0 NANCY C CARLISLE X 0 0 0 KAREN B CHANNELL X 0 0 0 FRANCES L CHILDERS X 0 0 0 BETTY T CLARK X 0 0 0 KENNETH R COUCH X 0 0 0 RICHARD K DISNEY JR X 0 0 0 W KENNETH EDWARDS X 0 0 0 DANIEL F DUNN X 0 0 0 SARA J EDDINS X 0 0 0 FAYE C EDWARDS 1.00 X 0 0 0 DR JAY HAMMETT 1.00 X 0 0 0 CHARLES F HAMRICK 1.00 X 0 0 0 JULIE W LOWRY X 0 0 0 WYLIE L HAMRICK X 0 0 0 RANDY M HINES X 0 0 0 DRADA P HOOVER X 0 0 0 DR C GRAHAM HOPPER JR X 0 0 0 MARGARET P LITTLEJOHN X 0 0 0 ROY N MATHIS 1.00 X 0 0 0 CAROLINE E MOISE X 0 0 0 GAIL S MOSS X 0 0 0 CHARLIE PATTON 1.00 X 0 0 0 LYNDA R RAMAGE X 0 0 0 J GRADY RANDOLPH SR X 0 0 0 WILLIAM G RHODEN 1.00 X 0 0 0 WILLIAM L SMITH X 0 0 0 C DAVID TOLSON III X 0 0 0 JOHN B TRAVERS X 0 0 0 ROBET R TURBYFILL JR X 0 0 0 WILLIAM C VANANTWERP 1.00 X 0 0 0 ROBIN O DIXON X 0 0 0 BILL H MASON X 0 0 0 DR WALT GRIFFIN 40.00 X 144094 0 43525 DR KAREN GAINEY 40.00 X 104984 0 14414 DR CHARLES CUNNING 40.00 X 91723 0 13713 CR HORTON 40.00 X 91197 0 6975 FRANKLIN MITCHELL 40.00 X 85037 0 13143 DAVID S RILLING 40.00 X 75192 0 7858 MICHAEL CERINO 40.00 X 73182 0 14662 DR WILLIAM BAKER 40.00 X 72056 0 16523 CHRISTOPHER PHENICIE 40.00 X 62503 0 16907 ROBERT OVERTON 40.00 X 59716 0 13490 PAT SOKOLS 40.00 X 54594 0 7364 914278 168574 2 false true false MAKING THE GRADE LLC PO BOX 69 LYMAN SC 29365 CONSTRUCTION 446858 MCDANIEL CONSTRUCTION INC 123 MCDANIEL TR BLACKSBURG SC 29702 CONSTRUCTION 215064 2 20290 96123 2318971 101815 2435384 TUITION & FEES 34257407 34257407 SALES & SERVICES - AUXILIARY 4097079 4097079 SALES & SERVICES - EDUCATIONA 314025 314025 SUMMER CAMPS 713940 87028 87028 ATHLETIC PROMOTIONS 611710 19973 19973 38775512 422364 422364 50999 40458 10541 10541 10541 2504667 2459274 45393 45393 45393 13451 20290 11354 2097 41691291 34302800 107001 4844009 6926304 6926304 914278 678293 156725 79260 13451198 12786207 239353 425638 629190 589729 17347 22114 1374129 1287946 37887 48296 1059473 993025 29211 37237 43990 34640 9350 29116 29116 54235 54235 49289 49289 659460 650081 9379 564137 479422 9064 75651 2791489 2587668 197973 5848 327230 312868 5713 8649 113998 111462 2536 122916 110624 12292 1464438 1420212 44226 345754 319168 26586 BOOKSTORE COST OF GOODS S 1830855 1830855 SUPPLIES 1569020 1326064 210684 32272 ATHLETICS 1216896 1216896 DORM FOOD SERVICE 994403 994403 INSTITUTIONAL SUPPORT 919545 863496 56049 2190957 1894374 97649 198934 39642300 37413737 1285285 943278 20319 21897 3865775 4019033 417164 1413799 762097 691429 183795 12812 364273 265830 361186 162667 33119411 13764325 16099151 19355086 10829124 12857010 32902884 38799563 1341654 1328393 410721 713779 2339317 3980389 536096 536096 4627788 6558657 X 14972190 16340036 3379333 5866991 9923573 10033879 28275096 32240906 32902884 38799563 X 2048991 1916819 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false 11017994 95950 2123782 198769 13038957 9865828 76235 1190328 114397 11017994 11564730 335521 -1634685 399738 9865828 0.23050 0.76950 true false false 81060 1156565 1237625 26173067 10842652 15330415 3121900 2461857 660043 2586819 459816 2127003 19355086 REFUNDABLE ADVANCE - PERKINS LOAN 473774 REFUNDABLE ADVANCE - CAMP LOAN 62322 536096 41691291 39642300 2048991 1916819 1916819 3965810 36733618 1916819 51812 1968631 34764987 6926304 6926304 41691291 32767808 51812 51812 32715996 6926304 6926304 39642300 INTENDED USES FOR ENDOWMENT FUNDS SCHEDULE D, PAGE 2, PART V, LINE 4 TWO TRUSTS, THE VALUE OF WHICH ARE INCLUDED IN THE MARKETABLE SECURITIES ON THE STATEMENT OF NET ASSETS, ARE CONTROLLED BY WACHOVIA BANK AND BANK OF AMERICA. THE EARNINGS FROM THE WACHOVIA TRUST ARE BEING PAID OUT AS SCHOLARSHIPS TO LIMESTONE STUDENTS. THE CORPUS OF BOTH TRUSTS, UPON THE DEATH OF THE DONORS, WILL TRANSFER TO LIMESTONE TO FUND FUTURE SCHOLARSHIPS. LIABILITY UNDER FIN 48 FOOTNOTE SCHEDULE D, PAGE 3, PART X LIMESTONE COLLEGE IS A NON-PROFIT ORGANIZATION AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE "CODE"). IN ADDITION, THE COLLEGE HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE NOT TO BE A PRIVATE FOUNDATION WITHIN THE MEAINING OF SECTIN 509(A) OF THE CODE. 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, 2011. 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, 2011. RECONCILIATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 RENTAL EXPENSES 40,458 SPECIAL EVENT DIRECT EXPENSES 11,354 SCHOLARSHIPS (FUNDED/UNFUNDED) -6,926,304 RENTAL EXPENSES -40,458 SPECIAL EVENT DIRECT EXPENSES -11,354 SCHOLARSHIPS (FUNDED/UNFUNDED) 6,926,304 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES 40,458 SPECIAL EVENT DIRECT EXPENSES 11,354 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 6,926,304 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D RENTAL EXPENSES 40,458 SPECIAL EVENT DIRECT EXPENSES 11,354 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 6,926,304 SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE D, PAGE 4, PART XIV 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. 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. true true true true true true true false false false false false false false false true false true 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 22460 20290 2170 6428 GOLF TOURNAMENT 11281 11281 4926 33741 20290 13451 11354 11354 2097 true X GRANTS & SCHOLARSHIPS 795 6926304 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 144094 9959 33566 187619 197091 OTHER ADDITIONAL INFORMATION SCHEDULE J, PART III HOUSING IS PROVIDED FOR THE PRESIDENT FOR THE CONVENIENCE OF THE COLLEGE. X 2 10500 NADA BLUE BOOK X 2 24626 WALL STREET JOURNAL X 1 35000 APPRAISAL X 6 31689 FAIR MARKET VALUE false true false 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 QUESTIONAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. 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. ADDITIONAL INFORMATION FORM 990, PART XI LINE 5 IS THE CHANGE IN NET ASSETS RELATED TO UNREALIZED GAINS.