Anderson University

“The governing body has delegated broad authority to an executive committee. This committee is comprised of seven board members including the Chair, Vice Chair, and Secretary of the board. The executive committee has all power to act for the full board during the interim periods of the meetings of the Board, and all actions of the committee are binding on the full Board.”

“David Walker, Trustee, and Danny Walker, Trustee, have a family relationship.”

“The governing body of Anderson University is vested in a Board of Trustees, elected by the South Carolina Baptist Convention in the manner and for the terms prescribed in the charter of the institution, in accordance with the action of the Convention. The South Carolina Baptist Convention is an association of cooperating churches which meets annually for two days to conduct Convention business. Each church that contributes to the Cooperative Program and adheres to the Baptist Faith and Message 2000 is allowed to send a delegation of messengers to the annual meeting. Messengers register in advance and credentials are issued (including voting ballots) to qualified messengers. The Messengers elect the trustees of Anderson University.”

“Certain governance decisions are reserved to the Messengers of the South Carolina Baptist Convention, including: (1) the appointment and removal of members of the Board of Trust, (2) amendments to the articles of incorporation, (3) merger or dissolution of the corporation, and (4) the disposal of assets other than in the usual and regular course of the University's activities. Further, the Executive Board of the South Carolina Baptist Convention may approve amendments to the articles of incorporation other than an amendment changing the relationship between the University and the Convention.”

“The Form 990 is prepared by an independent CPA firm. The Form 990 is then reviewed in detail by top management (Accountant, Controller, Executive Director, and VP/CFO) at the University. After the review is completed, Form 990 is forwarded to the Executive Committee prior to filing with the IRS.”

“Conflict of interest statements are signed annually by each board member, officer, and key employee. The signed statements are reviewed by the Executive Assistant to the President and by the President. If a conflict of interest arises during a meeting, the Board of Trustees member or the presiding officer identifies the conflict of interest, and the individual excuses themselves from discussion and vote on the matter. Transactions are monitored throughout the year by administration to ensure compliance is maintained.”

“Question 15a: The President's compensation is reviewed annually by an independent Executive Committee of the Board. A written evaluation is then completed and compared to other college Presidents at similar institutions. The compensation and related benefits provided are then approved by the full and independent board in the executive session. These deliberations are recorded in the corporate minutes. Question 15b: Annual written performance evaluations are conducted by the independent President, which becomes the basis for pay increases; the President considers comparable compensation for other similar qualified individuals. These deliberations are documented.”

“Anderson University makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“HIGHLIGHTS OF THE 2020-2021 FISCAL YEAR Record Enrollment Amid COVID-19 Pandemic Following the necessary transition to remote learning mid-way through the Spring 2020 semester, the University welcomed more than 3,900 students to campus for the 2020-2021, by far the largest student count in the University's 110-year history. University Addresses Digital Skills Gap The University in June partnered with GreenFig, a market-driven education company that provides universities with programs in applied business science, to launch an online Digital Marketing Science Certificate to meet the innovative technological needs of adult learners and working professionals. College of Engineering Launched For the fall, 2021 semester, the University will welcome its first class of students in the all-new College of Engineering. Announced in August, 2020, it will offer programs in electrical and mechanical engineering. Its founding dean is Dr. Anthony Guiseppi-Elie, who will also serve as vice president for industry relations and University distinguished professor. Dr. Guiseppi-Elie, most recently the Texas Engineering Experiment Station (TEES) Professor of Engineering in the College of Engineering at Texas A&M University, begins his tenure this August. Kim S. Miller Family Enterprise Institute of South Carolina at the University Begins Operation Family-owned enterprises across South Carolina have new opportunities to strengthen their business through a first-of-its-kind initiative created by the University. The Kim S. Miller Family Enterprise Institute of South Carolina last summer held a kick-off event to introduce its founding member organizations to the initiative that supports family-owned business in South Carolina. College of Business Students Receive Hands-On Training by Managing Investment Fund The University Center for Finance and Economics launched a $30,000 student-managed investment fund, providing further opportunities for students studying finance and business. Students in the University College of Business will be given the unique opportunity to analyze this $30,000 investment fund in real-time across 11 different equity sectors. Students will be required to monitor and report on the fund to director and faculty advisor Dr. Kent Saunders, alongside the CFE Investment Fund Committee. The University Finalizes Transfer Agreement Program with All South Carolina Technical Colleges The University and the South Carolina Technical College System signed a partnership agreement designed to enhance the seamless transfer of students and graduates from the 16 technical colleges in South Carolina to the University. This agreement works to increase and encourage access to baccalaureate education for two-year college students. Rev. Mayson Easterling Joins the University as Vice President for Church Relations Engaging churches across the United States in the mission of the University and helping it develop the next generation of young Christian leaders is the mission of Rev. Eugene Mayson Easterling III, who is joining the University as its vice president for church engagement. A native of Columbia, South Carolina and member of Pebble Creek Baptist Church in Taylors, South Carolina, Rev. Easterling has served in numerous leadership capacities throughout the region. He fills the role of Rev. Dr. Bob Cline, who retired from the University last year. The University Named One of the Best Places to Work The Chronicle of Higher Education, in conjunction with ModernThink Higher Education, recognized the University to its Best Colleges to Work For Honor Roll, a first for the University. The University is one of only two colleges or universities so designated. Further, Greenville Business Magazine last spring named the University the #5 best employer among large organizations in South Carolina. Dr. Kyle Small Named Director of the University Center for Leadership and Organizations Dr. Small comes to the University with extensive experience in higher educati”

“Recent accolades The University is among the fastest growing private universities in the country, according to the U.S. Department of Education and the Chronicle of Higher Education Almanac. The University also has a reputation as a premier institution of higher learning and status among the best regional universities in the South as recognized by both U.S. News & World Report and The Princeton Review. Recent accolades include: - "Best College" among regional universities in the South: #42 (U.S. News & World Report, 2021) - "Best Value" among regional universities in the South: #26 (U.S. News & World Report, 2021) - "Most Innovative" among regional universities in the South: #16 (U.S. News & World Report, 2021) - "Best Undergraduate Teaching" among regional universities in the South: #11 (U.S. News & World Report, 2021) - "Top Performer: Social Mobility" among regional universities in the South: #64 (U.S. News & World Report, 2021) - "Best Southeastern" universities (The Princeton Review, 2021) - Best Student Engagement: #26 among all universities in the United States (Wall Street Journal/Times Higher Education, 2020) - "Best College Buys" (Institutional Research and Evaluation, 2020) - Online Bachelor's Business Programs: #2 in South Carolina; #2 among private institutions in South Carolina; #1 in Upstate South Carolina; #50 nationally (U.S. News & World Report, 2021) - Online Master of Business Administration (MBA) Programs: #2 in South Carolina; #1 among private institutions in South Carolina; #1 in Upstate South Carolina ; #139 nationally (U.S. News & World Report, 2021) - Online Master of Organizational Leadership (MOL) Programs: #2 in South Carolina; #1 in Upstate South Carolina; #91 nationally (U.S. News & World Report, 2021) - Online Graduate Education Programs: #3 in South Carolina; #1 among private institutions in South Carolina; #91 nationally (U.S. News & World Report, 2021) - Online Graduate Nursing Programs: #3 in South Carolina; #1 among private institutions in South Carolina; #1 in Upstate South Carolina; #68 nationally (U.S. News & World Report, 2021) - Online Bachelor Programs: #5 in South Carolina; #2 among private institutions in South Carolina; #1 in Upstate South Carolina; #68 nationally (U.S. News & World Report, 2021) - Four consecutive Apple Distinguished School recognitions (2014, 2016, 2018, 2020) The main sources of revenue are tuition, fee, and auxiliary enterprise income as well as contributions from the public. The University was incorporated in the state of South Carolina under a charter granted in 1911. The University is exempt from federal and state income tax under Section 501(c)(3) of the Internal Revenue Code. In addition, the University qualifies for charitable contribution deductions under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(1). However, income from certain activities not directly related to the University's tax-exempt purpose is subject to taxation as unrelated business income. The University has concluded that it does not have any unrecognized tax benefits resulting from current or prior period tax positions. Accordingly, no additional disclosures have been made on the financial statements regarding the Income Tax topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). The University does not have any outstanding interest or penalties, and none have been recorded in the statements of activities for the years ended May 31, 2021 and 2020. The University is an institution of the South Carolina Baptist Convention (Convention). The Convention appoints the University's 25 trustees and must approve all changes or amendments to the University's charter. ACADEMIC PROGRAM The University offers 52 baccalaureate majors with 42 minors and two undergraduate certificates. The University also offers twelve master degrees and six graduate certificate programs in the fields of busine”

“Change in value of interest rate swap 163,205. Change in value of split interest agreements 713,593.”