Civic Intelligence

Limestone University

990 • Fiscal year 2015 • EIN 57-0314402

Jul 01, 2014 to Jun 30, 2015 • Filed on Nov 03, 2015

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

42nd percentile

0.24x

Higher debt load relative to assets than 42% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

34th percentile

0.24x

Higher debt load relative to revenue than 34% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Net Margin

50th percentile

4.0%

Higher net margin than 50% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

29th percentile

$235,827

Higher top officer pay than 29% of similar nonprofits.

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

2015 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2015

Asset Growth

78th percentile

10%

Faster asset growth than 78% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

66th percentile

9.2%

Faster revenue growth than 66% of similar nonprofits.

2015 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Assets

Up

$54,931,432

Up $5,110,301 (+10%) from 2014

Net Assets

Up

$41,842,580

Up $2,555,918 (+6.5%) from 2014

Liabilities

Up

$13,088,852

Up $2,554,383 (+24%) from 2014

Revenue

Up

$54,936,828

Up $4,628,372 (+9.2%) from 2014

Expenses

Up

$52,724,599

Up $5,700,410 (+12%) from 2014

Net Income

Down

$2,212,229

Down $1,072,038 (-33%) from 2014

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

2015

Assets$54,931,432
Liabilities$13,088,852
Net Assets$41,842,580

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

2015

Revenue$54,936,828
Expenses$52,724,599
Net Income$2,212,229
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Nov 3, 2015
Return Version
2014v6.0
Gross Receipts
$56,959,422
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,449,175$26,517,265▲ $2,068,090
Investments in Publicly Traded Securities$15,873,684$16,189,880▲ $316,196
Savings and Temporary Cash Investments$5,482,248$7,319,686▲ $1,837,438
Pledges and Grants Receivable$2,292,765$3,648,520▲ $1,355,755
Accounts Receivable$1,053,309$803,796▼ $249,513
Inventories for Sale or Use$297,241$272,614▼ $24,627
Prepaid Expenses and Deferred Charges$342,872$142,711▼ $200,161
Cash and Non-Interest-Bearing Accounts$27,456$31,265▲ $3,809
Other Notes and Loans Receivable, Net$2,381$5,695▲ $3,314
Total Assets$49,821,131$54,931,432▲ $5,110,301
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,692,579$9,036,136▲ $2,343,557
Deferred Revenue$1,771,338$1,949,400▲ $178,062
Accounts Payable and Accrued Expenses$1,689,371$1,722,135▲ $32,764
Other Liabilities$381,181$381,181→ $0
Total Liabilities$10,534,469$13,088,852▲ $2,554,383
Net Assets / Fund Balance
Unrestricted Net Assets$16,709,628$17,231,065▲ $521,437
Temporarily Rstr Net Assets$12,326,462$13,932,992▲ $1,606,530
Permanently Rstr Net Assets$10,250,572$10,678,523▲ $427,951
Total Net Assets Fund Balance$39,286,662$41,842,580▲ $2,555,918
Total Liabilities and Net Assets / Fund Balance$49,821,131$54,931,432▲ $5,110,301

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,694,392$15,819,792$36,514,184
Leasehold Improvements$1,198,836$3,553,659$4,752,495
Other Land Buildings$2,704,983$530,303$3,235,286
Land$1,919,054-$1,839,577

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$16,075,592$441,323▲ $947,245-$16,963,805
2013$14,070,840$57,740▲ $2,394,237-$16,075,592
2012$13,187,751$68,282▲ $1,248,455-$14,070,840
2011$13,038,957$65,428▲ $405,604-$13,187,751
2010$11,017,994$95,950▲ $2,123,782-$13,038,957
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Walt GriffinPresidentFT$189,260$46,567$235,827
Dr Karen GaineyExec. VPFT$131,521$15,229$146,750
Cr HortonVP Info TechFT$114,219$9,754$123,973
Dr Paul LefrancoisProfessorFT$102,744$6,110$108,854
David S RillingVP FinancialFT$96,143$8,700$104,843

Board Members and Trustees

NameTitle
J Richard BainesChairman
Dr Henry L Jolly JrVice Chairma
Ashby L BlakelyBoard Member
Betty T ClarkBoard Member
Bill H MasonBoard Member
Carol H CaggianoBoard Member
Carolyn H BordersBoard Member
Charlie S PattonBoard Member
Donald a YagerBoard Member
Douglas E WilsonBoard Member
Dr Barbara B SmithBoard Member
Dr James G Knox IiiBoard Member
Dr Jay HammettBoard Member
Dr Michael P HoenigBoard Member
Duane L HooverBoard Member
Elijah Inabinette JrBoard Member
Faye C EdwardsBoard Member
Frances L ChildersBoard Member
J Grady Randolph SrBoard Member
J Rick PattersonBoard Member
John B EggersBoard Member
John B TraversBoard Member
Jon a JensenBoard Member
Julie W LowryBoard Member
Lyman W HamrickBoard Member
Margaret B ClaryBoard Member
N Eugene MoorheadBoard Member
Nancy C CarlisleBoard Member
Patricia W WillisBoard Member
Randall L RichardsonBoard Member
Randy M HinesBoard Member
Richard F JiranBoard Member
Robert R Turbyfill JrBoard Member
Roy N MathisBoard Member
Sara J EddinsBoard Member
Tommy E MartinBoard Member
Troy S GaffneyBoard Member
Vera J MitchellBoard Member
Virginia B SkinnerBoard Member
W Ronald BarrettBoard Member
William L Smith IiBoard Member
William W BrownBoard Member
Jason D KaupAlumni Trust
David E DormanSecretary
Gail S MossTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
SodexoFood Service1115 COLLEGE DR, Gaffney, SC 29340$1,856,943
CengageTeam SupportPO BOX 95999, Chicago, IL 60694$443,748
Infinity MarketingTeam Support874 S PLEASANTBURG DR, Greenville, SC 29607$374,256
Horizon Coach LinesTransportation1251 W CRAIGHEAD RD, Charlotte, NC 28206$247,365
Craig Gaulden Davis INCArchitect19 WASHINGTON PARK, Greenville, SC 29601$241,396
Revenue and Support

Revenue Composition

Contributions and Grants
$5,276,527
Program Service Revenue
$48,921,527
Investment Income
$666,663
Other Revenue
$72,111
All Other Contributions
$5,276,527
Change in Net Assets
$2,212,229

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 Traded11$167,414Fair Market Value (FMV)
Other Non Cash Contri Table1$47,305Appraisal
Real Estate Other3$8,001Appraisal
Cars and Other Vehicles1$5,100Kelly Blue Book
Total Noncash Contributions16$227,820-

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,896,612
Revenue Not Reported on Financial Statements
$11,040,216
Revenue Not Reported on Form 990
$387,110
Other Revenue Adjustments
$11,040,216
Total Revenue per Audited Statements
$44,283,722
Total Revenue per Form 990
$54,936,828
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$21,227,546
Other Expenses$20,456,837
Grants and Similar Amounts Paid$11,040,216
Total Fundraising Expense$739,572
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,961,766$596,020$430,097$16,987,883
Grants to Domestic Individuals$11,040,216--$11,040,216
All Other Expenses$3,854,511$536,443$138,039$4,528,993
Occupancy$2,998,505$703,365-$3,701,870
Depreciation Depletion$1,889,503$51,330-$1,940,833
Other Employee Benefits$1,517,984$57,838$4,184$1,580,006
Other Expenses$1,408,670$153,230$18,000$1,579,900
Payroll Taxes$830,142$460,670$33,892$1,324,704
Pension Plan Contributions$951,964$24,556$17,763$994,283
Travel$858,822$46,309$6,957$912,088
Advertising$766,607-$6,741$773,348
Office Expenses$452,098$84,432$71,814$608,344
Current Officers, Directors, Trustees, and Key Employees$279,964$48,871$11,835$340,670
Interest$299,168$13,658-$312,826
Insurance$94,240$209,453-$303,693
Fees for Service Investment Mgmnt Fees$55,593$63,395-$118,988
Conferences and Meetings$72,635$18,665-$91,300
Fees for Services Accounting$26,440$55,110-$81,550
Fees for Services Other$39,620--$39,620
Fees for Services Legal$13,395$25,170-$38,565
Total Functional Expenses$47,754,818$4,230,209$739,572$52,724,599

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$52,724,599
Total Expenses per Audited Statements$41,727,804
Expenses per Audited Statements$41,684,383
Expenses Not Reported on Financial Statements$11,040,216
Other Expense Adjustments$11,040,216
Expenses Not Reported on Form 990$43,421
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$2,090
Fundraising Direct Expenses$1,512
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance - Perkins Loan$318,859
Refundable Advance - Camp Loan$62,322
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, 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.

Form 990, Page 6, Part VI, 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, 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. The assessment is based upon data collected from colleges of similar size and demographics. The discussions are documented in the committee minutes.

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 and is based upon comparable positions at institutions of similar size and demographics. The discussions are recorded in the committee minutes.

Form 990, Page 6, Part VI, 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
Lawrence W Dawson
Title
V.p. Financial Affairs
Phone
8007957151
Signed
2015-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Walt Griffin
Formed
1845
Legal Domicile
Sc
Voting Board Members
41
Independent Board Members
41
Employees
1,181
Volunteers
106

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 1000, CHARLOTTE, NC 28204
Preparer
Janice a Ratica
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.

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.

Form 990, Part XI, Line 9

Losses reported on return 8,500 rental expenses 8,609 special event direct expenses 1,512 loss on disposal of assets 8,500 scholarships (funded/unfunded) -11,040,216 rental expenses -8,609 special event direct expenses -1,512 scholarships (funded/unfunded) 11,040,216

Financial Statement Notes

Schedule D, Page 2, 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 or fair value as of the dates on which the items are accepted by the college.

Schedule D, Page 2, Part V, Line 4

The endowment accounts are used to pay funded scholarships for limestone college students.

Schedule D, Page 3, Part X

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, 2015. 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, 2015.

Schedule D, Page 4, Part XI, Line 2D

Rental expenses 8,609 special event direct expenses 1,512 loss on disposal of assets 8,500

Schedule D, Page 4, Part XI, Line 4B

Scholarships (funded/unfunded) 11,040,216

Schedule D, Page 4, Part XII, Line 2D

Rental expenses 8,609 special event direct expenses 1,512

Schedule D, Page 4, Part XII, Line 4B

Scholarships (funded/unfunded) 11,040,216

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IRS990/Desc0LIMESTONE COLLEGE PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,649 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES.
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Document Assets

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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
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$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