Civic Intelligence

Limestone University

990 • Fiscal year 2020 • EIN 57-0314402

Jul 01, 2019 to Jun 30, 2020 • Filed on May 17, 2021

1115 College DriveGaffney, SC 29340

(800) 795-7151

Siviq Scores

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

Liabilities / Assets

51st percentile

0.30x

Higher debt load relative to assets than 51% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

52nd percentile

0.44x

Higher debt load relative to revenue than 52% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

30th percentile

-1.0%

Higher net margin than 30% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

40th percentile

$292,918

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

42nd percentile

3.9%

Faster asset growth than 42% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

47th percentile

1.3%

Faster revenue growth than 47% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$74,642,458

Up $2,801,370 (+3.9%) from 2019

Net Assets

Up

$52,433,816

Up $409,435 (+0.8%) from 2019

Liabilities

Up

$22,208,642

Up $2,391,935 (+12%) from 2019

Revenue

Up

$49,959,571

Up $665,341 (+1.3%) from 2019

Expenses

Up

$50,480,921

Up $2,104,751 (+4.4%) from 2019

Net Income

Down

-$521,350

Down $1,439,410 (-157%) from 2019

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $32,902,884Liabilities 2010: $4,627,788Net Assets 2010: $28,275,0962010Assets 2011: $38,799,563Liabilities 2011: $6,558,657Net Assets 2011: $32,240,9062011Assets 2012: $39,128,772Liabilities 2012: $6,221,239Net Assets 2012: $32,907,5332012Assets 2013: $42,417,905Liabilities 2013: $7,825,477Net Assets 2013: $34,592,4282013Assets 2014: $49,821,131Liabilities 2014: $10,534,469Net Assets 2014: $39,286,6622014Assets 2015: $54,931,432Liabilities 2015: $13,088,852Net Assets 2015: $41,842,5802015Assets 2016: $55,163,002Liabilities 2016: $12,247,646Net Assets 2016: $42,915,3562016Assets 2017: $55,654,566Liabilities 2017: $10,555,758Net Assets 2017: $45,098,8082017Assets 2018: $59,349,237Liabilities 2018: $9,670,066Net Assets 2018: $49,679,1712018Assets 2019: $71,841,088Liabilities 2019: $19,816,707Net Assets 2019: $52,024,3812019Assets 2020: $74,642,458Liabilities 2020: $22,208,642Net Assets 2020: $52,433,8162020Assets 2021: $91,111,811Liabilities 2021: $35,351,922Net Assets 2021: $55,759,8892021Assets 2022: $85,120,359Liabilities 2022: $37,901,596Net Assets 2022: $47,218,7632022Assets 2023: $73,143,263Liabilities 2023: $40,696,776Net Assets 2023: $32,446,4872023Assets 2024: $61,048,330Liabilities 2024: $36,218,414Net Assets 2024: $24,829,9162024

Highlighted filing

2020

Assets$74,642,458
Liabilities$22,208,642
Net Assets$52,433,816

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $36,318,6142010Expenses 2011: $39,642,3002011Expenses 2012: $40,733,0242012Expenses 2013: $42,950,0782013Revenue 2014: $50,308,456Expenses 2014: $47,024,189Net Income 2014: $3,284,2672014Revenue 2015: $54,936,828Expenses 2015: $52,724,599Net Income 2015: $2,212,2292015Revenue 2016: $52,822,118Expenses 2016: $51,601,422Net Income 2016: $1,220,6962016Revenue 2017: $53,055,823Expenses 2017: $52,291,088Net Income 2017: $764,7352017Revenue 2018: $53,790,811Expenses 2018: $49,791,727Net Income 2018: $3,999,0842018Revenue 2019: $49,294,230Expenses 2019: $48,376,170Net Income 2019: $918,0602019Revenue 2020: $49,959,571Expenses 2020: $50,480,921Net Income 2020: -$521,3502020Revenue 2021: $48,905,633Expenses 2021: $51,898,336Net Income 2021: -$2,992,7032021Revenue 2022: $58,516,588Expenses 2022: $60,433,607Net Income 2022: -$1,917,0192022Revenue 2023: $45,679,715Expenses 2023: $58,317,120Net Income 2023: -$12,637,4052023Revenue 2024: $47,034,818Expenses 2024: $52,980,898Net Income 2024: -$5,946,0802024

Highlighted filing

2020

Revenue$49,959,571
Expenses$50,480,921
Net Income-$521,350
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 17, 2021
Return Version
2019v5.2
Gross Receipts
$56,187,999
Mission and Program Overview

Mission

The mission of limestone college is to educate students from diverse backgrounds in the liberal arts and selected professional disciplines. By providing degree programs throughout south carolina and by way of the internet, limestone college offers opportunities for personal and professional growth to individuals who may find access to higher education difficult.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$37,738,158$39,564,399▲ $1,826,241
Investments in Publicly Traded Securities$26,766,410$23,043,825▼ $3,722,585
Savings and Temporary Cash Investments$2,834,058$7,653,479▲ $4,819,421
Pledges and Grants Receivable$2,977,102$3,129,072▲ $151,970
Accounts Receivable$506,336$533,785▲ $27,449
Prepaid Expenses and Deferred Charges$155,513$200,343▲ $44,830
Other Notes and Loans Receivable, Net$109,796--
Inventories for Sale or Use$272,173$48,116▼ $224,057
Cash and Non-Interest-Bearing Accounts$34,463$37,094▲ $2,631
Total Assets$71,841,088$74,642,458▲ $2,801,370
Other Assets Total$447,079$432,345▼ $14,734
Liabilities
Mortgage Notes Payable Secured by Investment Property$16,390,112$19,031,739▲ $2,641,627
Accounts Payable and Accrued Expenses$1,745,473$1,282,497▼ $462,976
Deferred Revenue$791,481$1,171,832▲ $380,351
Other Liabilities$889,641$722,574▼ $167,067
Total Liabilities$19,816,707$22,208,642▲ $2,391,935
Net Assets / Fund Balance
Net Assets With Donor Restrictions$30,274,787$30,437,332▲ $162,545
Net Assets Without Donor Restrictions$21,749,594$21,996,484▲ $246,890
Total Net Assets Fund Balance$52,024,381$52,433,816▲ $409,435
Total Liabilities and Net Assets / Fund Balance$71,841,088$74,642,458▲ $2,801,370

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,228,398$21,218,442$45,446,840
Other Land Buildings$14,063,606$1,550,917$15,614,523
Equipment$1,192,918$5,510,827$6,703,745
Land$79,477--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2019$24,796,539$528,800▲ $1,356,009-$25,726,429
2018$20,519,810$2,710,256▲ $2,335,440-$24,796,539
2017$19,187,979$197,956▲ $1,700,793-$20,519,810
2016$17,044,517$74,336▲ $2,437,724-$19,187,979
2015$16,963,805$71,052▲ $545,851-$17,044,517
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Darrell ParkerPresidentFT$266,487$26,431$292,918
Karen GaineyVP of Academic AffairsFT$130,701$12,998$143,699
Amber WilliamsDirector of Nursing ProgramFT$109,859$12,751$122,610
Michael ScharffProfessor of ManagementFT$106,527$5,725$112,252
Reggie BrowningVP Finance & AdministrationFT$93,664$7,570$101,234

Board Members and Trustees

NameTitle
Randy HinesChair
David RigginsVice Chair
Ana MossBoard Member
Ashby BlakelyBoard Member
Barbara SmithBoard Member
Betty ClarkBoard Member
Brian HoneycuttBoard Member
Camille HunterBoard Member
Carolyn BordersBoard Member
Charlie PattonBoard Member
Crosland CoxBoard Member
David DormanBoard Member
Don YagerBoard Member
Frances ChildersBoard Member
Franklin FosterBoard Member
Grady RandolphBoard Member
Harold MooreBoard Member
Joe SullivanBoard Member
John TraversBoard Member
Jules AndersonBoard Member
Julie LowryBoard Member
Lyman HamrickBoard Member
Michael HoenigBoard Member
Michelle JollyBoard Member
Mike DanielBoard Member
Nancy CarlisleBoard Member
Paul FlemingBoard Member
Randall RichardsonBoard Member
Richard DisneyBoard Member
Roy MathisBoard Member
Sara EddinsBoard Member
Sidney MitchellBoard Member
Steve BryantBoard Member
Tommy WindsorBoard Member
Vera MitchellBoard Member
Wardlaw HamrickBoard Member
Eugene MoorheadSecretary
Sam BurnsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
SodexoFood Service1115 COLLEGE DRIVE, Gaffney, SC 29340$4,230,562
Campus WorksIt Service Contract1767 LAKEWOOD RANCH BLVD 305, Bradenton, FL 34211$1,184,271
Clark CommunicationsPrinting & Publications2 WESTSIDE DRIVE, Asheville, NC 28806$694,209
Nexsen Pruet LLCLaw FirmPO BOX 2426, Columbia, SC 29202$448,319
Sosamon ConstructionConstructionPO BOX 26 510 OLD POST RD, Gaffney, SC 29342$144,148
Revenue and Support

Revenue Composition

Contributions and Grants
$6,750,429
Program Service Revenue
$41,926,526
Investment Income
$1,205,465
Other Revenue
$77,151
All Other Contributions
$2,277,827
Change in Net Assets
$-521,350

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded6$129,074Fair Market Value (FMV)
Real Estate Other1$12,000Fair Market Value (FMV)
Total Noncash Contributions7$141,074-

Audited Revenue Reconciliation

Revenue per Audited Statements
$37,805,472
Revenue Not Reported on Financial Statements
$12,154,099
Revenue Not Reported on Form 990
$949,231
Other Revenue Adjustments
$12,068,199
Total Revenue per Audited Statements
$38,754,703
Total Revenue per Form 990
$49,959,571
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,870,671
Salaries, Compensation, and Employee Benefits$17,762,988
Grants and Similar Amounts Paid$12,743,450
Total Fundraising Expense$487,102
Professional Fundraising Fees$103,812

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,868,442$1,755,464$242,547$13,866,453
Grants to Domestic Individuals$12,743,450--$12,743,450
Occupancy$3,205,239$1,104,365-$4,309,604
All Other Expenses$1,939,589$1,332,048$107,456$3,379,093
Information Technology-$2,233,089-$2,233,089
Other Employee Benefits$1,567,630$516,911-$2,084,541
Depreciation Depletion$1,734,224$338,795-$2,073,019
Payroll Taxes$907,021$152,750-$1,059,771
Office Expenses$655,193$387,250$12,409$1,054,852
Travel$323,011$386,464$13,984$723,459
Other Expenses$687,167$156,516-$687,167
Insurance$386,413$153,756-$540,169
Advertising$198,345$245,895-$444,240
Current Officers, Directors, Trustees, and Key Employees$337,359$49,899$6,894$394,152
Pension Plan Contributions$306,460$51,611-$358,071
Interest-$277,498-$277,498
Fees for Services Legal-$198,493-$198,493
Fees for Services Other$195,072--$195,072
Fees for Services Professional Fundraising--$103,812$103,812
Fees for Services Accounting-$93,975-$93,975
Fees for Service Investment Mgmnt Fees-$85,900-$85,900
Total Functional Expenses$40,473,140$9,520,679$487,102$50,480,921

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$50,480,921
Total Expenses per Audited Statements$38,345,268
Expenses per Audited Statements$38,326,822
Expenses Not Reported on Financial Statements$12,154,099
Other Expense Adjustments$12,068,199
Expenses Not Reported on Form 990$18,446
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$103,812
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Leases Payable$655,348
Refundable Advances$62,322
Deferred Annuity Payable$4,904
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
No
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

Board members wardlaw and lyman hamrick have a family relationship.

Form 990, Part VI, Section B, 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.

Form 990, Part VI, Section B, Line 12C

Annually, a conflict of interest questionnaire is completed by members of the board of trustees and reviewed for any noted conflicts. Trustees who have noted a conflict of interest recuse themselves from all discussion and/or vote.

Form 990, Part VI, Section B, Line 15

Compensation process for top official: 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. The assessment is based upon data collected from colleges of similar size and demographics. The discussions are documented in the committee minutes. Compensation process for top officers: the finance committee discusses with management executive-level management hires. The setting of compensation amounts is made by management and is based upon comparable positions at institutions of similar size and demographics. The discussions are recorded in the committee minutes.

Form 990, Part VI, Section C, Line 19

Governing documents are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Limestone College
EIN
57-0314402
Phone
8007957151
Address
1115 COLLEGE DRIVE, GAFFNEY, SC 29340

Signing Officer

Name
Reggie Browning
Title
VP of Finance & Administration
Phone
8007957151
Signed
2021-05-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Darrell Parker
Formed
1845
Legal Domicile
Sc
Voting Board Members
38
Independent Board Members
38
Employees
818
Volunteers
0

Preparer

Firm
Cherry Bekaert Llp
Address
110 EAST COURT STREET SUITE 500, GREENVILLE, SC 29601
Preparer
Amanda Adams
Phone
8642333981
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in fair value of split-interest agreements -2,038.

Financial Statement Notes

PART III, LINE 4:

The college's collections are made up of library books, artifacts of historical significance and art objects. If purchased, items accessioned into the collection are capitalized at cost, and if donated, they are capitalized at their appraised value or fair value as of the dates on which the items are accepted by the college.

PART V, LINE 4:

The college's endowment consists of approximately 181 individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. Endowment funds are available for scholarships, building maintenance and other operational needs of the college depending on the specific fund. 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:

Management has evaluated the effect of the guidance provided by u.s. Gaap on accounting for uncertainty in income taxes. Management believes that the college continues to satisfy the requirements of a tax-exempt organization at june 30, 2020 and 2019. Management has evaluated all other tax positions that could have a significant effect on the financial statements and determined the college had no significant uncertain income tax positions at june 30, 2020 and 2019.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses reported net against rental income 16,408.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Scholarships (funded/unfunded) 12,068,199.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Rental expenses reported net against rental income 16,408. Annuity expense 2,038.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Scholarships (funded/unfunded) 12,068,199.

Raw XML AppendixShowing 400 of 967 raw XML fields

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/ActivityOrMissionDesc0LIMESTONE 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.
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IRS990/Form990PartVIISectionAGrp/PersonNm27VERA MITCHELL
IRS990/Form990PartVIISectionAGrp/PersonNm28HAROLD MOORE
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IRS990/Form990PartVIISectionAGrp/PersonNm33BARBARA SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm34JOE SULLIVAN
IRS990/Form990PartVIISectionAGrp/PersonNm35JOHN TRAVERS
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IRS990/Form990PartVIISectionAGrp/PersonNm38DR DARRELL PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm39REGGIE BROWNING
IRS990/Form990PartVIISectionAGrp/PersonNm40KAREN GAINEY
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$61.0$36.2$24.8$47.0$53.0$5.95
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$73.1$40.7$32.4$45.7$58.3$12.6
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$85.1$37.9$47.2$58.5$60.4$1.92
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$91.1$35.4$55.8$48.9$51.9$2.99
2020Detailed filing. Detailed filing data is available for this year.$74.6$22.2$52.4$50.0$50.5$0.52
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$71.8$19.8$52.0$49.3$48.4$0.92
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.3$9.67$49.7$53.8$49.8$4.00
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.7$10.6$45.1$53.1$52.3$0.76
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$55.2$12.2$42.9$52.8$51.6$1.22
2015Detailed filing. Detailed filing data is available for this year.$54.9$13.1$41.8$54.9$52.7$2.21
2014Detailed filing. Detailed filing data is available for this year.$49.8$10.5$39.3$50.3$47.0$3.28
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$42.4$7.83$34.6$43.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$39.1$6.22$32.9$40.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.8$6.56$32.2$39.6
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.9$4.63$28.3$36.3