2011-01-13T07:52:39-06:00 2010-06-30 CHERRY BEKAERT & HOLLAND LLP 201 WEST MCBEE AVE SUITE 200 GREENVILLE SC 29601 990 2009-07-01 570314402 LIMESTONE COLLEGE LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 DAVID S RILLING 8007957151 2010-11-30 true SARAH P MCGREGOR 8642333981 2011-01-13 2009 2016-02-24 21:20:13Z DR WALT GRIFFIN 1115 COLLEGE DRIVE GAFFNEY SC 29340 41720984 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. 41 39 939 95 116235 31884 2508484 1674091 30218628 36694614 -208934 273692 10859 14622 32529037 38657019 4510175 6313447 0 14819102 15981297 0 797291 11886358 14023870 31215635 36318614 1313402 2338405 30142558 32902884 5096606 4627788 25045952 28275096 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 33745642 6313447 36694614 LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,668 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 33745642 true true false false false 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 true 5 0 true 939 true true true false false false false true true false false false true true 41 39 true 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 C DAN ADAMS 1.00 X 0 0 0 J EUGENE ADAMS X 0 0 0 ANNA C BALL X 0 0 0 OC BLACKWOOD 1.00 X 0 0 0 JAMES W BROWN 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 DAVID E DORMAN 1.00 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 LYMAN W HAMRICK 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 J RICK PATTERSON 1.00 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 DAVID E WHITE X 0 0 0 PATRICIA W WILLIS X 0 0 0 ROBIN O DIXON X 0 0 0 DR WALT GRIFFIN 40.00 X 156864 0 40227 DR KAREN GAINEY 40.00 X 106863 0 11988 DR CHARLES CUNNING 40.00 X 98221 0 13610 FRANKLIN MITCHELL 40.00 X 91959 0 13417 DAVID S RILLING 40.00 X 84014 0 7801 CR HORTON 40.00 X 78514 0 5813 DR WILLIAM BAKER 40.00 X 78114 0 19345 MICHAEL CERINO 40.00 X 73313 0 21181 ROBERT OVERTON 40.00 X 65597 0 13853 CHRISTOPHER PHENICIE 40.00 X 62239 0 18807 PAT SOKOLS 40.00 X 48290 0 5445 943988 171487 2 false true false 19122 94946 1560023 289502 1674091 TUITION & FEES 32638467 32638467 SALES & SERVICES - AUXILIARY 3830622 3830622 SALES & SERVICES - EDUCATIONA 109290 109290 SUMMER CAMPS 713940 99041 99041 ATHLETIC PROMOTIONS 611710 17194 17194 36694614 277214 277214 67121 54353 12768 12768 12768 2981406 10500 2992095 3333 -10689 7167 -3522 -3522 16038 19122 14184 1854 1854 38657019 32636799 116235 4229894 6313447 6313447 943988 700822 157177 85989 12276419 11716269 202899 357251 563515 378878 167693 16944 1209758 813379 360003 36376 987617 664023 293897 29697 134079 134079 59517 59517 71450 71450 66618 66618 601337 590516 10821 562375 499557 10064 52754 2448482 2179744 249209 19529 290847 277009 5393 8445 86855 84568 2287 233557 210201 23356 1297923 1260673 37250 249329 229518 19811 BOOKSTORE COST OF GOODS S 1728275 1728275 SUPPLIES 1322732 1232151 69729 20852 INSTRUCTIONAL SUPPORT 1137347 1137347 ATHLETICS 1037996 1030807 7189 DORM FOOD SERVICE 826714 826714 1868437 1737665 -20672 151444 36318614 33745642 1775681 797291 18157 20319 4898251 3865775 577429 417164 669195 762097 9360 183795 319687 364273 312198 361186 28412366 12313215 13125340 16099151 10212941 10829124 30142558 32902884 747797 1341654 1735607 410721 2077106 2339317 536096 536096 5096606 4627788 X 11998588 14972190 3201206 3379333 9846158 9923573 25045952 28275096 30142558 32902884 X false true true X true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false false 9865828 76235 1190328 114397 11017994 11564730 335521 -1634685 399738 9865828 0.09930 0.90070 true false false 81060 1026648 1107708 21506779 9811082 11695697 2781409 2161099 620310 3016470 341034 2675436 16099151 REFUNDABLE ADVANCE - PERKINS LOAN 473774 REFUNDABLE ADVANCE - CAMP LOAN 62322 536096 38657019 36318614 2338405 890739 890739 3229144 33302848 890739 68537 959276 32343572 6313447 6313447 38657019 30073704 68537 68537 30005167 6313447 6313447 36318614 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 IN JUNE 2006, THE FASB ISSUED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - AN INTERPRETATION. THE INTERPRETATION CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN A COMPANY'S FINANCIAL STATEMENTS. IT PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE INTERPRETATION ALSO PROVIDES GUIDANCE ON THE RECOGNITION, CLASSIFICAITON, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE AND TRANSITION. RECONCILATION OF CHANGES - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 8 RENTAL EXPENSES 54,353 SPECIAL EVENT DIRECT EXPENSES 14,184 SCHOLARSHIPS (FUNDED/UNFUNDED) -6,313,447 RENTAL EXPENSES -54,353 SPECIAL EVENT DIRECT EXPENSES -14,184 SCHOLARSHIPS (FUNDED/UNFUNDED) 6,313,447 REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES 54,353 SPECIAL EVENT DIRECT EXPENSES 14,184 REVENUE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 6,313,447 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 2D RENTAL EXPENSES 54,353 SPECIAL EVENT DIRECT EXPENSES 14,184 EXPENSE AMOUNTS INCLUDED ON RETURN - OTHER SCHEDULE D, PAGE 4, PART XIII, LINE 4B SCHOLARSHIPS (FUNDED/UNFUNDED) 6,313,447 true true true 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. true true true true false false false false false false false false true false 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 TO EACH STUDENT'S ACCOUNT. true SCHOLARS DOLLAR 21402 19122 2280 7020 GOLF TOURNAMENT 13758 13758 7164 35160 19122 16038 14184 14184 1854 true X GRANTS & SCHOLARSHIPS 809 6313447 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 RECEPIENT. 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 156864 9412 30815 197091 152676 OTHER ADDITIONAL INFORMATION SCHEDULE J, PART III HOUSING IS PROVIDED FOR THE PRESIDENT FOR THE CONVENIENCE OF THE COLLEGE. X 7 45402 WALL STREET JOURNAL X 1 213200 APPRAISAL X 2 30900 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. RELATED PARTY INFORMATION AMONG OFFICERS FORM 990, PAGE 6, PART VI, LINE 2 LYMAN W. HAMRICK WYLIE L. HAMRICK PAST CHAIR TRUSTEE EMER FATHER / SON ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11 A COPY OF THE 990 AND 990T WERE PRESENTED TO THE FINANCE 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. FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION 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 TO EACH STUDENT'S ACCOUNT. ADDITIONAL INFORMATION SCHEDULE O 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 CARS, BOATS, AIRPLANES, AND OTHER VEHICLES.