Civic Intelligence

Gardner-Webb University

990 • Fiscal year 2021 • EIN 56-0529972

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 06, 2021

Post Office Box 997Boiling Springs, NC 28017

(704) 406-4282

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

44th percentile

0.20x

Higher debt load relative to assets than 44% of similar nonprofits.

2021 filings • NTEE B • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

35th percentile

0.32x

Higher debt load relative to revenue than 35% of similar nonprofits.

2021 filings • NTEE B • $100M-$250M nonprofits • Source year 2021

Net Margin

33rd percentile

5.6%

Higher net margin than 33% of similar nonprofits.

2021 filings • NTEE B • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

54th percentile

$400,035

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2021 filings • NTEE B • $100M-$250M nonprofits • Source year 2021

Asset Growth

33rd percentile

8.7%

Faster asset growth than 33% of similar nonprofits.

2021 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

56th percentile

10%

Faster revenue growth than 56% of similar nonprofits.

2021 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$163,499,840

Up $13,127,854 (+8.7%) from 2020

Net Assets

Up

$131,515,034

Up $15,847,066 (+14%) from 2020

Liabilities

Down

$31,984,806

Down $2,719,212 (-7.8%) from 2020

Revenue

Up

$100,956,877

Up $9,498,291 (+10%) from 2020

Expenses

Up

$95,283,903

Up $778,596 (+0.8%) from 2020

Net Income

Up

$5,672,974

Up $8,719,695 (+286%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2010: $105,409,195Liabilities 2010: $26,301,344Net Assets 2010: $79,107,8512010Assets 2011: $139,747,861Liabilities 2011: $46,483,392Net Assets 2011: $93,264,4692011Assets 2012: $141,807,699Liabilities 2012: $43,671,464Net Assets 2012: $98,136,2352012Assets 2013: $145,371,197Liabilities 2013: $41,526,427Net Assets 2013: $103,844,7702013Assets 2014: $152,585,746Liabilities 2014: $39,472,379Net Assets 2014: $113,113,3672014Assets 2015: $159,462,122Liabilities 2015: $44,845,985Net Assets 2015: $114,616,1372015Assets 2016: $157,106,807Liabilities 2016: $41,510,518Net Assets 2016: $115,596,2892016Assets 2017: $156,510,328Liabilities 2017: $38,711,150Net Assets 2017: $117,799,1782017Assets 2018: $153,722,632Liabilities 2018: $34,920,409Net Assets 2018: $118,802,2232018Assets 2019: $157,622,923Liabilities 2019: $35,735,673Net Assets 2019: $121,887,2502019Assets 2020: $150,371,986Liabilities 2020: $34,704,018Net Assets 2020: $115,667,9682020Assets 2021: $163,499,840Liabilities 2021: $31,984,806Net Assets 2021: $131,515,0342021Assets 2022: $153,582,895Liabilities 2022: $30,653,260Net Assets 2022: $122,929,6352022Assets 2023: $154,233,950Liabilities 2023: $28,240,683Net Assets 2023: $125,993,2672023Assets 2024: $166,069,640Liabilities 2024: $32,016,943Net Assets 2024: $134,052,6972024

Highlighted filing

2021

Assets$163,499,840
Liabilities$31,984,806
Net Assets$131,515,034

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MExpenses 2010: $58,607,7292010Expenses 2011: $64,192,8232011Expenses 2012: $69,484,0862012Revenue 2013: $77,595,132Expenses 2013: $75,141,054Net Income 2013: $2,454,0782013Revenue 2014: $83,551,697Expenses 2014: $77,463,842Net Income 2014: $6,087,8552014Revenue 2015: $83,777,931Expenses 2015: $80,895,462Net Income 2015: $2,882,4692015Revenue 2016: $88,353,491Expenses 2016: $85,603,782Net Income 2016: $2,749,7092016Revenue 2017: $93,783,243Expenses 2017: $94,291,764Net Income 2017: -$508,5212017Revenue 2018: $89,470,793Expenses 2018: $90,317,230Net Income 2018: -$846,4372018Revenue 2019: $93,664,938Expenses 2019: $92,406,249Net Income 2019: $1,258,6892019Revenue 2020: $91,458,586Expenses 2020: $94,505,307Net Income 2020: -$3,046,7212020Revenue 2021: $100,956,877Expenses 2021: $95,283,903Net Income 2021: $5,672,9742021Revenue 2022: $103,135,532Expenses 2022: $98,819,790Net Income 2022: $4,315,7422022Revenue 2023: $97,349,269Expenses 2023: $99,286,236Net Income 2023: -$1,936,9672023Revenue 2024: $101,871,457Expenses 2024: $99,861,154Net Income 2024: $2,010,3032024

Highlighted filing

2021

Revenue$100,956,877
Expenses$95,283,903
Net Income$5,672,974
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 6, 2021
Return Version
2020v4.1
Gross Receipts
$104,104,411
Mission and Program Overview

Mission

The university statement of values consist of christian heritage, baptist heritage, academic excellence, liberal arts, teamwork, a student centered focus, community engagement and diversity.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$57,641,273$68,248,986▲ $10,607,713
Land, Buildings, and Equipment, Net$54,047,121$53,048,724▼ $998,397
Savings and Temporary Cash Investments$22,755,599$23,028,617▲ $273,018
Investments Other Securities$4,192,103$7,839,712▲ $3,647,609
Pledges and Grants Receivable$6,017,840$5,716,253▼ $301,587
Investments Program Related$2,094,603$2,042,035▼ $52,568
Accounts Receivable$1,682,673$1,728,761▲ $46,088
Prepaid Expenses and Deferred Charges$952,142$1,067,753▲ $115,611
Inventories for Sale or Use$583,149$393,853▼ $189,296
Total Assets$150,371,986$163,499,840▲ $13,127,854
Other Assets Total$405,483$385,146▼ $20,337
Liabilities
Tax Exempt Bond Liabilities$23,678,511$22,377,649▼ $1,300,862
Deferred Revenue$5,130,583$3,974,909▼ $1,155,674
Accounts Payable and Accrued Expenses$3,867,915$3,883,851▲ $15,936
Other Liabilities$1,929,649$1,636,047▼ $293,602
Escrow Account Liability$97,360$112,350▲ $14,990
Total Liabilities$34,704,018$31,984,806▼ $2,719,212
Net Assets / Fund Balance
Net Assets With Donor Restrictions$64,400,969$77,314,863▲ $12,913,894
Net Assets Without Donor Restrictions$51,266,999$54,200,171▲ $2,933,172
Total Net Assets Fund Balance$115,667,968$131,515,034▲ $15,847,066
Total Liabilities and Net Assets / Fund Balance$150,371,986$163,499,840▲ $13,127,854

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,239,035$60,300,820$105,539,855
Equipment$2,139,742$26,993,984$29,133,726
Land$5,662,939-$3,900,075
Other Land Buildings$7,008-$7,008

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$61,459,999$1,769,562▲ $15,048,648$2,391,228$75,886,981
2019$64,618,076$2,732,578▼ $5,225,813$664,842$61,459,999
2018$63,924,716$556,459▲ $3,094,304$2,957,403$64,618,076
2017$62,668,442$879,025▲ $2,908,421$2,531,172$63,924,716
2016$59,555,300$1,072,317▲ $4,556,686$2,515,861$62,668,442
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William M DownsPresidentFT$365,112$34,923$400,035
James CraftHEAD MEN'S BASKETBALL COACHFT$193,113$34,097$227,210
Tre LambHead Football CoachFT$152,845$31,014$183,859
Benjamin C LeslieProvost & EvpFT$158,679$22,793$181,472
Arnold F BonnerFormer PresidentFT$176,796-$176,796
Prince BullProfessor/dean of School of Educ.FT$168,365$7,563$175,928
Mike W HardinSenior VP for AdministrationFT$162,212$11,733$173,945
Anthony NegbeneborProfessorFT$156,488$15,798$172,286
Ami SteelePa Program DirectorFT$154,402$9,063$163,465

Highest Paid Contractors

ContractorServicesLocationCompensation
SodexoCafeteria ServicesPO BOX 536922, Atlanta, GA 30353$2,916,936
K12 Teachers AllianceRecruiting Services20624 ABBEY WOODS COURT NORTH, Frankfort, IL 60423$1,367,501
EabConsulting ServicesPO BOX 603519, Charlotte, NC 28260$469,924
The Budd GroupJanitorial ServicesPO BOX 890856, Charlotte, NC 28289$333,380
Ellucian CompanyConsulting Services14083 COLLECTION CENTER DRIVE, Chicago, IL 60693$191,825
Revenue and Support

Revenue Composition

Contributions and Grants
$7,471,898
Program Service Revenue
$88,212,144
Investment Income
$5,277,327
Other Revenue
$-4,492
All Other Contributions
$3,723,133
Change in Net Assets
$5,672,974

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded5$44,491Fair Market Value (FMV)
Other Non Cash Contri Table1$11,078Fair Market Value (FMV)
Total Noncash Contributions6$55,569-

Audited Revenue Reconciliation

Revenue per Audited Statements
$68,346,071
Revenue Not Reported on Financial Statements
$32,610,806
Revenue Not Reported on Form 990
$10,195,749
Other Revenue Adjustments
$32,309,499
Total Revenue per Audited Statements
$78,541,820
Total Revenue per Form 990
$100,956,877
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$34,593,999
Grants and Similar Amounts Paid$34,405,267
Other Expenses$26,284,637
Total Fundraising Expense$648,309
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$34,405,267--$34,405,267
Other Salaries and Wages$23,286,623$3,779,660$307,304$27,373,587
Depreciation Depletion$4,219,391$58,974$26,415$4,304,780
Other Employee Benefits$2,915,911$525,418$38,480$3,479,809
Occupancy$2,336,968$32,663$14,630$2,384,261
Advertising$713,405$1,486,895-$2,200,300
Payroll Taxes$1,655,592$314,090$21,848$1,991,530
Interest$943,394$89,911$89,711$1,123,016
Other Expenses$1,099,608$534,438$138,038$1,099,608
Pension Plan Contributions$900,437$141,586$11,883$1,053,906
Office Expenses$791,865$243,167-$1,035,032
Information Technology$87,467$861,583-$949,050
Travel$812,060$31,132-$843,192
Conferences and Meetings$425,578$378,731-$804,309
Insurance$41,758$681,326-$723,084
Current Officers, Directors, Trustees, and Key Employees-$695,167-$695,167
Fees for Services Other$56,656$293,636-$350,292
Fees for Service Investment Mgmnt Fees-$301,307-$301,307
Fees for Services Legal-$59,732-$59,732
Fees for Services Accounting-$55,234-$55,234
Total Functional Expenses$84,070,944$10,564,650$648,309$95,283,903

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$95,283,903
Expenses per Audited Statements$62,694,754
Total Expenses per Audited Statements$62,694,754
Expenses Not Reported on Financial Statements$32,589,149
Other Expense Adjustments$32,287,842
Expenses Not Reported on Form 990$0
International Activity

International Summary

Offices
0
Employees
0
Spending
$7,509,167

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$6,370,000
Europe (including Iceland & Greenland)Investments-00$1,139,167
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Maxwell B Hamrick InsuranceMs. Huggins Is a Co-owner of the Insurance Company Used by the University.MS. HUGGINS IS A UNIVERSITY TRUSTEE AND CO-OWNER OF HAMRICK INSURANCE. TRANSACTIONS BETWEEN THE UNIVERSITY AND HAMRICK INSURANCE ARE AT ARM'S LENGTH AND REPRESENT PAYMENTS FOR INSURANCE COVERAGE FOR THE UNIVERSITY. PAYMENTS ARE MADE FOR INSURANCE COVERAGE ONLY.No$726,124
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Federal Government Advances$1,243,181
Annuities Payable$256,280
Due to Other Agencies$119,598
Construction Costs Payable$16,988

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2018-12-19$24,757,413REFINANCE TWO BANK LOANS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$24,797,108$21,870,603$2,485,000$485,005

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Randall marion and jennifer marion mills have a family and business relationship.

Form 990, Part VI, Section B, Line 11B

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 the 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.

Filing and Contact Details

Filer

Filer Name
Gardner-webb University
EIN
56-0529972
Phone
7044064282
Address
POST OFFICE BOX 997, BOILING SPRINGS, NC 28017

Signing Officer

Name
Timothy Shuey
Title
VP Administration/finance
Phone
7044064282
Signed
2021-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William M Downs
Formed
1905
Legal Domicile
Nc
Voting Board Members
37
Independent Board Members
37
Employees
1,377
Volunteers
0

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Amanda Adams
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Annuity present value adjustment -21,657.

Financial Statement Notes

PART III, LINE 4:

Collectibles 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 IV, LINE 2B:

The university holds funds in a custodial capacity for student organizations and clubs.

PART V, LINE 4:

The university's endowment consists of approximately 550 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. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.

PART X, LINE 2:

The university is exempt from federal and state income taxation under the provisions of section 501(c)(3) of the internal revenue code ("irc"). In accordance with irc regulations, the university is taxed on unrelated business income, which consists of earnings from activities not related to the exempt purpose of the university. The university accounts for tax uncertainties based on a more likely than not recognition threshold whereby tax benefits are only recognized when the university believes that they have a greater than 50% likelihood of being sustained upon examination by taxing authorities. The university has evaluated all tax positions and determined that it has no uncertain income tax positions as of june 30, 2021 and 2020.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Tuition discounts reducing tuition income 32,287,842. Annuity present value adjustment 21,657.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Tuition discounts reducing tuition income 32,287,842.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0GARDNER-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.
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IRS990/Desc0THE PRIMARY GOAL OF GARDNER-WEBB UNIVERSITY IS TO PROVIDE EDUCATION TO STUDENTS. THE UNIVERSITY OFFERS UNDERGRADUATE, GRADUATE AND DOCTORAL DEGREES. THE UNIVERSITY ENROLLED APPROXIMATELY 4,274 STUDENTS DURING 2020-2021 AND AWARDED APPROXIMATELY $32M IN SCHOLARSHIPS AND TUITION ASSISTANCE.
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IRS990/Form990PartVIISectionAGrp/PersonNm37MIKE W HARDIN
IRS990/Form990PartVIISectionAGrp/PersonNm38BENJAMIN C LESLIE
IRS990/Form990PartVIISectionAGrp/PersonNm39WILLIAM M DOWNS
IRS990/Form990PartVIISectionAGrp/PersonNm40AMI STEELE
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$166$32.0$134$102$99.9$2.01
2023Summary only. Only limited summary data is available for this year.$154$28.2$126$97.3$99.3$1.94
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$154$30.7$123$103$98.8$4.32
2021Detailed filing. Detailed filing data is available for this year.$163$32.0$132$101$95.3$5.67
2020Summary only. Only limited summary data is available for this year.$150$34.7$116$91.5$94.5$3.05
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$158$35.7$122$93.7$92.4$1.26
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$154$34.9$119$89.5$90.3$0.85
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$157$38.7$118$93.8$94.3$0.51
2016Detailed filing. Detailed filing data is available for this year.$157$41.5$116$88.4$85.6$2.75
2015Summary only. Only limited summary data is available for this year.$159$44.8$115$83.8$80.9$2.88
2014Detailed filing. Detailed filing data is available for this year.$153$39.5$113$83.6$77.5$6.09
2013Summary only. Only limited summary data is available for this year.$145$41.5$104$77.6$75.1$2.45
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$142$43.7$98.1$69.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$140$46.5$93.3$64.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$26.3$79.1$58.6