2011-05-13T14:12:22-05:00 2010-06-30 Cherry Bekaert & Holland LLP 1111 Metropolitan Avenue Suite 1000 Charlotte NC 28204 990 2009-07-01 560529972 GARDNER-WEBB UNIVERSITY GARD 7044064282 POST OFFICE BOX 997 BOILING SPRINGS NC 28017 mike w hardin 7044064282 2011-05-10 1 7043771678 2011-05-10 2009 2016-02-24 21:20:13Z a frank bonner POST OFFICE BOX 997 BOILING SPRINGS NC 28017 77011431 0 X WWW.GARDNER-WEBB.EDU X 1905 NC Gardner-Webb University, a private, Christian, Baptist-related university, provides outstanding undergraduate and graduate education that is strongly grounded in the liberal arts while offering opportunities to prepare for various professions. Fostering meaningful intellectual thought, critical analysis, and spiritual challenge within a diverse community of learning, Gardner-Webb is dedicated to higher education that integrates scholarship with Christian life. By embracing faith and intellectual freedom, balancing conviction with compassion, and inspiring a love of learning, service, and leadership, Gardner-Webb prepares its graduates to make significant contributions for God and humanity in an ever-changing global community. 37 36 1544 36 0 52845 7629465 10536520 43177998 46389097 -404804 5517162 6456948 7573549 56859607 70016328 16428221 17985586 0 27255026 27842090 89231 32484 1011275 12549586 12747569 56322064 58607729 537543 11408599 95075993 105409195 27083297 26301344 67992696 79107851 THE UNIVERSITY STATEMENT OF VALUES CONSIST OF CHRISTIAN HERITAGE, BAPTIST HERITAGE, ACADEMIC EXCELLENCE, LIBERAL ARTS, TEAMWORK, a student centered focus, community engagement and diversity. 0 0 50205891 17985586 49127310 THE UNIVERSITY IS A FULLY ACCREDITED MEMBER OF THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS AND THE NC ASSOCIATION OF COLLEGES AND UNIVERSITIES. THE PRIMARY GOAL OF GWU IS TO PROVIDE EDUCATION. APPROXIMATELY 4,300 STUDENTS ARE SERVED. 50205891 1 1 0 0 0 0 1 0 1 1 1 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 1 188 0 1544 1 1 1 0 0 0 0 0 0 0 0 37 36 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X MIke W HARDIN 7044064282 100 s main street/webb hall BOILING SPRings NC 28017 MR C NEAL ALEXANDER JR 1.00 X X 0 0 0 MR HOYT Q BAILEY 1.00 X 0 0 0 MR FRANKLIN V BEAM 1.00 X 0 0 0 MR W THOMAS BELL 1.00 X 0 0 0 DR RALPH L BENTLEY 1.00 X 0 0 0 DR JACK C BISHOP JR 1.00 X 0 0 0 MR ROBERT H BLALOCK JR 1.00 X 0 0 0 DR R ALTON CADENHEAD 1.00 X 0 0 0 MR GRADY S DUNCAN 1.00 X 0 0 0 MR W DAVID ELLIS 1.00 X 0 0 0 MR WILLIAM K GARY 1.00 X 0 0 0 MR JOHN J GODBOLD JR 1.00 X 0 0 0 MR CLIFFORD E HAMRICK JR 1.00 X 0 0 0 MR MAX J HAMRICK 1.00 X X 0 0 0 MR RONALD W HAWKINS 1.00 X 0 0 0 MRS JERRI HELTZER 1.00 X 0 0 0 MR RYAN D HENDLEY 1.00 X 0 0 0 MR MICHAEL W KASEY 1.00 X 0 0 0 MR HS KEETER 1.00 X 0 0 0 MS NANCY L KISTLER 1.00 X 0 0 0 DR WILLIAM w leathers iii 1.00 X 0 0 0 MRS BETTYE A MOORE 1.00 X 0 0 0 REVEREND MAURICE B MORROW III 1.00 X 0 0 0 MR FRANK NANNEY 1.00 X 0 0 0 MR MAILON D NICHOLS 1.00 X 0 0 0 MR JOHN W PERKINS JR 1.00 X 0 0 0 DR JAMES H PHILLIPS 1.00 X 0 0 0 MR THOMAS E PHILSON 1.00 X X 0 0 0 MR CARL M SPANGLER JR 1.00 X 0 0 0 MR RALPH R SPANGLER 1.00 X 0 0 0 MR ANTHONY N STRANGE 1.00 X 0 0 0 MR J Linton suttle iii 1.00 X 0 0 0 MS LISA C TUCKER 1.00 X 0 0 0 DR THOMAS L WARREN 1.00 X 0 0 0 DR H GENE WASHBURN 1.00 X X 0 0 0 DR B DALE WATTS 1.00 X 0 0 0 MRS MARILYN W WITHROW 1.00 X 0 0 0 DR A FRANK BONNER 40.00 X 275606 0 28443 MR BENJAMIN LESLIE 40.00 X 127245 0 22232 MR MIKE HARDIN 40.00 X 127704 0 22232 CHARLES BURCH 40.00 X 116511 0 22824 ralph w dixon jr 40.00 X 136763 0 12183 ANTHONY NEGBENEBOR 40.00 X 122742 0 22488 steven varley 40.00 X 109048 0 19832 ALLEN DOUG EURY 40.00 X 135693 0 5254 1151312 0 155488 10 0 1 0 sodexo PO BOX 536922 ATLANTA GA 30353 CAFETERIA SERVICES 2276962 DAVID DRYE CONSTRUCTION LLC 175 DAVIDSON HWY CONCORD NC 28027 CONSTRUCTION SERVICES 626617 TRAVEL LYNX PO BOX 1822 SHELBY NC 28151 charter bus SERVICE 204616 CLARK COMMUNICATIONS 2 WESTSIDE DRIVE ASHEVILLE NC 28806 PRINTING SERVICES 153883 SISK GRADING INC 1199 US HWY 221A FOREST CITY NC 28043 GRADING SERVICES 139515 5 2929086 7607434 1165617 10536520 TUITION AND FEES 900099 46389097 46389097 46389097 1542323 1542323 3983482 37607 46250 3983482 -8643 3974839 3974839 11784189 6948853 4835336 4835336 MISCELLANEOUS 532000 2738213 2738213 2738213 70016328 49127310 0 10352498 17985586 17985586 603462 603462 21613305 18316424 2728675 568206 1132761 933895 169895 28971 2930181 2415763 439477 74941 1562381 1288091 234330 39960 75000 75000 32484 32484 1248693 1193796 37115 17782 362655 320921 20965 20769 1921721 1837236 57119 27366 OTHER STUDENT SERVICES 3545916 3545916 OTHER INSTITUTIONAL SUP 3024525 3024525 OTHER INSTRUCTIONAL EXP 1580691 1580691 OTHER ACADEMIC SUPPORT 787572 787572 OTHER FUNDRAISING EXPEN 200796 200796 58607729 50205891 7390563 1011275 16405136 17352412 2274598 4233080 1242793 1249203 3692408 4308713 684538 573049 206996 240135 80845331 46870318 33099652 33975013 35235386 41154626 1580371 1658721 654115 664243 95075993 105409195 2691085 2748985 2870639 2927129 2635636 2864861 18135000 16880000 750937 880369 27083297 26301344 X 30718491 34449484 5629963 12426507 31644242 32231860 67992696 79107851 95075993 105409195 X 0 1 1 X 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 34871859 1035301 5619541 809364 40717337 38800703 1212495 -5047364 123975 34871859 0.13520 0.86130 0 0 59695441 30590383 29105058 19290508 16279935 3010573 1859382 1859382 33975013 MONEY MARKET FUNDs & time deposits 30739 F MUTUAL FUNDS 40484785 F EQUITY SECURITIES 442903 F FIXED INCOME DEBT SECURITIES 196199 F 41154626 ANNUITIES PAYABLE 56332 CONSTRUCTION COSTS PAYABLE 145054 INTEREST RATE SWAP AGREEMENT 674210 ACCRUED INTEREST PAYABLE 4773 880369 70016328 58607729 11408599 573067 -866511 -293444 11115155 62473706 573067 -15064542 -14491475 76965181 -6948853 -6948853 70016328 51347503 6948853 6948853 44398650 14209079 14209079 58607729 Part III, Line 4: these assets are held for possible future sale, of part or all of the collection, with the proceeds to be used to fund educational programs of the University. Part V, Line 4: Description of Intended Use of Endowment Funds: THE UNIVERSITY'S ENDOWMENT CONSISTS OF APPROXIMATELY 509 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES AND INCLUDES PERMANENTLY RESTRICTED DONOR GIFTS AS PART OF IRREVOCABLE TRUST AND ANNUITY GIFTS. The endowments are used to fund student scholarships, academic programs, and academic enhancement activities such as travel. Part X: Description of Uncertain Tax Positions Under FIN 48: IN ACCORDANCE WITH GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, THE UNIVERSITY'S POLICY IS TO RECORD A LIABILITY FOR ANY TAX POSITION TAKEN THAT IS BENEFICIAL TO THE UNIVERSITY, INCLUDING ANY RELATED INTEREST AND PENALTIES, WHEN IT IS MORE LIKELY THAN NOT THE POSITION TAKEN BY MANAGEMENT WITH RESPECT TO A TRANSACTION OR CLASS OF TRANSACTIONS WILL BE OVERTURNED BY A TAXING AUTHORITY UPON EXAMINATION. MANAGEMENT BELIEVES THERE ARE NO SUCH POSITIONS AS OF JUNE 30, 2010 AND 2009 AND, ACCORDINGLY, NO LIABILITY HAS BEEN ACCRUED. Part XI, Line 8 - Other Adjustments: PRESENT VALUE ADJUSTMENT TO ANNUITIES PAYABLE: 5788. CHANGE IN FAIR MARKET VALUE OF DERIVATIVE: -11048. LOAN CANCELLATIONS AND LOSS PROVISION: -861251. Part XII, Line 2d - Other Adjustments: TUITION DISCOUNTS REDUCING TUITION INCOME: -14209079. LOAN CANCELLATIONS & LOSS PROVISION: -861251. PRESENT VALUE ADJUSTMENT TO ANNUITIES PAYABLE: 5788. Part XII, Line 4b - Other Adjustments: COST OF GOODS SOLD: -6948853. Part XIII, Line 2d - Other Adjustments: COST OF GOODS SOLD: 6948853. Part XIII, Line 4b - Other Adjustments: TUITION DISCOUNTS REDUCING TUITION INCOME: 14209079. 1 1 1 racially nondiscriminatory policy statement is included in college brochure used in recruitment process. 1 1 1 1 0 0 0 0 0 0 0 0 1 0 THE UNIVERSITY RECEIVED STUDENT FINANCIAL AID GRANTS FROM THE U.S. DEPARTMENT OF EDUCATION AND THE NC STATE EDUCATION ASSISTANCE AUTHORITY. 1 X X X X X 1 CORPORATE DEVELOPMiNT FUNDRAISING CONSULTANTS 0 0 32484 0 32484 NC SC 1 academic scholarships 854 6069213 athletic scholarships 425 5403320 other scholarships 641 2736546 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: Gardner-Webb University practices a yearly review (at the end of the Spring Semester) to monitor all students awarded an Institutional Scholarship based on the following criteria: 1) enrollment status 2) housing status 3) GPA 4) maintaining Satisfactory Academic Progress in accordance with the University's policy. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR A FRANK BONNER 275606 0 0 0 0 0 21840 0 6603 0 304049 0 0 0 Part I, Line 1a three employees have country club memberships for entertaining friends of the university and donors. Supplemental Information Part III THE UNIVERSITY HAS an EMPLOYEE (BENJAMIN LESLIE) WHO receives a housing allowance. he is an oRDAINED MINISTER. his WAGES ARE NOT SUBJECT TO FICA TAX, THEREFORE BOX 5 OF THE W-2 IS ZERO. IN ORDER TO BE CONSISTENT WITH REPORTING, THE UNIVERSITY DETERMINED WHAT BOX 5 OF THE W-2 WOULD HAVE BEEN IF he DID NOT receive a housing allowance AND REPORTED THOSE WAGES. nc capital facilities finance agency 561592154 65818PDW6 2003-12-10 8000000 capital facilities improvements & additions 0 0 8000000 8000000 2005 0 0 1 1 0 0 0 0 0 0.00000 0.00000 0.00000 1 0 1 0 0 0 1 KEETER FORD OWNER OF KEETER FORD, H S KEETER, IS ON THE ORGANIZATION'S BOARD OF TRUSTEE 214412 APPROXIMATELY 10 VEHICLES WERE PURCHASED BY THE UNIVERSITY FROM KEETER FORD AND VARIOUS REPAIRS & MAINTENANCE WERE PERFORMED THROUGHOUT THE YEAR. All transactions were at fair market value and negotiated at arm's length. 0 X 12 716206 avg price on date contri X 1 363000 appraisal X science equipment 3 86411 appraisals & retail cost 1 0 1 0 Form 990, Part VI, Section B, line 11 Gardner-Webb University's Board of Trustees has delegated responsibility over compliance with laws and regulations, including Form 990, to the Audit Committee of the Board of Trustees. A draft of Form 990 will be presented to and reviewed by the Audit Committee. After acceptance by the Audit Committee, a copy of Form 990 will be distributed to the Full Board and the audit firm will be given the authority to complete the filing of Form 990. Form 990, Part VI, Section B, line 12c All Trustees shall disclose to the Board any possible conflict of interest at the earliest practicable time. No Trustee shall vote on any matter, under consideration at a Board or committee meeting, in which such Trustee has a conflict of interest. The minutes of said meeting shall reflect that a disclosure was made and that the Trustee having a conflict of interest abstained from voting. Any Trustee who is uncertain whether a conflict of interest may exist in any matter may request the Board or committee to resolve the questions by majority vote. Form 990, Part VI, Section B, line 15 The Personnel and Compensation Committee shall be comprised of the Chairman of the Board, the Vice Chairman, the immediate Past Chairman, the Chairman of the Financial Affairs Committee, and one trustee appointed by the Chairman of the Board. The Committee recommends to the Board the President's compensation, advises the President, approves senior staff compensation, and serves as a PERSONNEL COMMITTEE FOR THE NEEDS OF THE PRESIDENT. The Compensation Committee is provided a copy of a Salary Comparison by NCICU so they can compare President's and key employees' salaries. all deliberations and decisions are documented in the committee minutes. Form 990, Part VI, Section C, line 19 the governing documents, conflict of interest policy and financial statements are available to the public upon request. FORM 990, PART XI, LINE 2C AUDIT COMMITTEE The Audit Committee shall assist the Board of Trustees in fulfilling the oversight responsibilities for the financial reporting process, the system of internal control, the audit process, and the company's process for monitoring compliance with laws and regulations. The Audit Committee accepts audits on behalf of the Board of Trustees and presents audit reports to the full Board.