Civic Intelligence

Freed-Hardeman University

990 • Fiscal year 2015 • EIN 62-0518288

Jun 01, 2014 to May 31, 2015 • Filed on Jan 12, 2016

158 E Main StHenderson, TN 38340

(731) 989-6006

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.26x

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

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Liabilities / Revenue

59th percentile

0.65x

Higher debt load relative to revenue than 59% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Net Margin

64th percentile

8.7%

Higher net margin than 64% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Top Officer Pay

26th percentile

$299,491

Higher top officer pay than 26% of similar nonprofits.

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

2015 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2015

Asset Growth

58th percentile

3.1%

Faster asset growth than 58% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Revenue Growth

8th percentile

-30%

Faster revenue growth than 8% of similar nonprofits.

2015 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2014 to 2015

Assets

Up

$132,862,488

Up $4,031,558 (+3.1%) from 2014

Net Assets

Up

$98,626,686

Up $5,734,743 (+6.2%) from 2014

Liabilities

Down

$34,235,802

Down $1,703,185 (-4.7%) from 2014

Revenue

Down

$52,423,997

Down $22,824,424 (-30%) from 2014

Expenses

Down

$47,836,966

Down $957,241 (-2.0%) from 2014

Net Income

Down

$4,587,031

Down $21,867,183 (-83%) from 2014

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $85,551,965Liabilities 2010: $35,445,041Net Assets 2010: $50,106,9242010Assets 2011: $93,485,603Liabilities 2011: $37,000,298Net Assets 2011: $56,485,3052011Assets 2012: $97,775,098Liabilities 2012: $38,863,560Net Assets 2012: $58,911,5382012Assets 2013: $105,653,165Liabilities 2013: $39,215,436Net Assets 2013: $66,437,7292013Assets 2014: $128,830,930Liabilities 2014: $35,938,987Net Assets 2014: $92,891,9432014Assets 2015: $132,862,488Liabilities 2015: $34,235,802Net Assets 2015: $98,626,6862015Assets 2016: $134,801,440Liabilities 2016: $38,767,466Net Assets 2016: $96,033,9742016Assets 2017: $136,988,857Liabilities 2017: $36,078,248Net Assets 2017: $100,910,6092017Assets 2018: $143,676,055Liabilities 2018: $34,644,921Net Assets 2018: $109,031,1342018Assets 2019: $147,262,050Liabilities 2019: $35,343,632Net Assets 2019: $111,918,4182019Assets 2020: $152,512,537Liabilities 2020: $39,711,419Net Assets 2020: $112,801,1182020Assets 2021: $173,757,054Liabilities 2021: $39,410,039Net Assets 2021: $134,347,0152021Assets 2022: $179,769,242Liabilities 2022: $35,160,879Net Assets 2022: $144,608,3632022Assets 2023: $187,756,629Liabilities 2023: $34,187,720Net Assets 2023: $153,568,9092023Assets 2024: $209,376,285Liabilities 2024: $36,587,751Net Assets 2024: $172,788,5342024

Highlighted filing

2015

Assets$132,862,488
Liabilities$34,235,802
Net Assets$98,626,686

Operations Trend

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

$80M$60M$40M$20M$0Expenses 2010: $39,790,1392010Expenses 2011: $41,217,2062011Expenses 2012: $40,715,7422012Expenses 2013: $41,743,9452013Revenue 2014: $75,248,421Expenses 2014: $48,794,207Net Income 2014: $26,454,2142014Revenue 2015: $52,423,997Expenses 2015: $47,836,966Net Income 2015: $4,587,0312015Revenue 2016: $51,776,024Expenses 2016: $50,732,216Net Income 2016: $1,043,8082016Revenue 2017: $52,028,826Expenses 2017: $49,392,048Net Income 2017: $2,636,7782017Revenue 2018: $58,295,305Expenses 2018: $51,572,490Net Income 2018: $6,722,8152018Revenue 2019: $55,757,789Expenses 2019: $51,908,443Net Income 2019: $3,849,3462019Revenue 2020: $55,774,338Expenses 2020: $52,981,610Net Income 2020: $2,792,7282020Revenue 2021: $58,919,175Expenses 2021: $52,397,666Net Income 2021: $6,521,5092021Revenue 2022: $74,019,321Expenses 2022: $57,322,571Net Income 2022: $16,696,7502022Revenue 2023: $69,265,588Expenses 2023: $59,667,208Net Income 2023: $9,598,3802023Revenue 2024: $69,201,935Expenses 2024: $58,914,183Net Income 2024: $10,287,7522024

Highlighted filing

2015

Revenue$52,423,997
Expenses$47,836,966
Net Income$4,587,031
Jump To
Filing Snapshot
Filing Period
Jun 1, 2014 to May 31, 2015
Signed
Jan 12, 2016
Return Version
2014v6.0
Gross Receipts
$52,423,997
Mission and Program Overview

Mission

Freed-Hardeman University is a private school associated with churches of Christ which emphasizes the physical and spiritual development of its students so they can better serve their communities.

Freed-hardeman university is a private school associated with churches of christ which emphasizes physical and spiritual development of its students to prepare them for lives of service to their communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$67,149,099$71,632,847▲ $4,483,748
Investments in Publicly Traded Securities$41,654,712$41,155,355▼ $499,357
Investments Other Securities$10,688,126$14,637,579▲ $3,949,453
Loans From Officers Directors$6,975,000$5,750,000▼ $1,225,000
Cash and Non-Interest-Bearing Accounts$1,687,754$1,932,578▲ $244,824
Other Notes and Loans Receivable, Net$1,397,274$1,527,873▲ $130,599
Accounts Receivable$931,725$906,607▼ $25,118
Prepaid Expenses and Deferred Charges$843,911$663,672▼ $180,239
Inventories for Sale or Use$233,829$212,389▼ $21,440
Pledges and Grants Receivable$4,244,500$193,588▼ $4,050,912
Total Assets$128,830,930$132,862,488▲ $4,031,558
Liabilities
Tax Exempt Bond Liabilities$16,750,219$16,153,212▼ $597,007
Unsecured Notes Loans Payable$6,820,724$6,642,302▼ $178,422
Accounts Payable and Accrued Expenses$2,001,941$2,474,144▲ $472,203
Grants Payable$1,215,343$1,197,241▼ $18,102
Other Liabilities$1,367,143$1,060,945▼ $306,198
Deferred Revenue$808,617$957,958▲ $149,341
Total Liabilities$35,938,987$34,235,802▼ $1,703,185
Net Assets / Fund Balance
Unrestricted Net Assets$42,949,132$44,120,640▲ $1,171,508
Temporarily Rstr Net Assets$34,069,192$36,399,742▲ $2,330,550
Permanently Rstr Net Assets$15,873,619$18,106,304▲ $2,232,685
Total Net Assets Fund Balance$92,891,943$98,626,686▲ $5,734,743
Total Liabilities and Net Assets / Fund Balance$128,830,930$132,862,488▲ $4,031,558

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$67,555,405$19,683,085$87,238,490
Equipment$636,181$6,103,640$6,739,821
Land$3,012,601-$3,012,601
Other Land Buildings$428,660$869,794$1,298,454
Other Securities$1,988,414--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$28,104,138$621,128▲ $5,530,140-$32,789,563
2013$43,634,383$3,223,793▲ $4,102,378$5,318,528$43,590,195
2012$35,384,024$2,326,696▲ $7,780,884-$43,634,383
2011$32,789,563$2,251,992▲ $1,937,987-$35,384,024
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joe WileyPresidentFT$277,918$21,573$299,491
Joe a Wiley--$277,918$21,573$299,491
Dwayne WilsonVice-president and CFOFT$153,192$16,558$169,750
Dwayne H Wilson--$153,192$16,558$169,750
Milton SewellChancellorFT$150,826$17,573$168,399
Milton R Sewell--$150,826$17,573$168,399
Charles ViresVice-presidentFT$140,098$19,026$159,124
Charles H Vires--$140,098$19,026$159,124
Dave ClouseVice-presidentFT$118,421$18,370$136,791
Samuel JonesVice-presidentFT$113,864$16,024$129,888
Wayne ScottVice-presidentFT$107,262$10,404$117,666
Mark SteinerFaculty and DeanFT$89,975$16,514$106,489
Tom DeberryFacultyFT$89,641$15,968$105,609
Sharen CypressFaculty and DeanFT$91,158$10,557$101,715
Leann Self-davisFaculty and DeanFT$90,283$10,396$100,679
Vicki JohnsonAssoc. VP for AcademicsFT$88,356$10,587$98,943

Highest Paid Contractors

ContractorServicesLocationCompensation
Alliance CorpConstructionPO BOX 1480, Glasgow, KY 42142$811,378
Earl Swensson AssociatesArchitecturalPO BOX 410628, Nashville, TN 37241$384,082
Bramblett GroupPublic Relations106 W MAIN ST, Henderson, TN 38340$148,529
Revenue and Support

Revenue Composition

Contributions and Grants
$9,653,224
Program Service Revenue
$39,939,428
Investment Income
$2,660,044
Other Revenue
$171,301
All Other Contributions
$8,221,493
Change in Net Assets
$4,587,031

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$4,555,841Stock Exchange
Real Estate Other1$100,000Appraisal
Works of Art1$7,385Appraisal
Total Noncash Contributions11$4,663,226-

Audited Revenue Reconciliation

Revenue per Audited Statements
$53,126,538
Revenue Not Reported on Financial Statements
$-702,541
Revenue Not Reported on Form 990
$1,147,712
Other Revenue Adjustments
$-702,541
Total Revenue per Audited Statements
$54,274,250
Total Revenue per Form 990
$52,423,997
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,856,547
Other Expenses$14,941,846
Grants and Similar Amounts Paid$12,978,073
Total Fundraising Expense$2,170,900
Professional Fundraising Fees$60,500

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,049,098$2,607,801$952,017$13,608,916
Grants to Domestic Individuals$12,978,073--$12,978,073
Other Employee Benefits$1,712,191$820,997$186,511$2,719,699
Depreciation Depletion$2,079,210--$2,079,210
Current Officers, Directors, Trustees, and Key Employees$983,080$612,945$1,022,312$1,918,362
All Other Expenses$1,468,274--$1,468,274
Office Expenses$790,724$511,049$43,083$1,344,856
Travel$973,352$106,009$67,637$1,146,998
Payroll Taxes$760,421$163,547$83,670$1,007,638
Fees for Services Other$469,909$393,165-$863,074
Interest$693,111--$693,111
Information Technology$631,695$60,596-$692,291
Advertising-$220,523$399,822$620,345
Pension Plan Contributions$456,148$90,461$55,323$601,932
Fees for Service Investment Mgmnt Fees$256,203--$256,203
Insurance$213,036$14,640-$227,676
Other Expenses$220,603$203,784-$203,784
Conferences and Meetings$89,975--$89,975
Fees for Services Accounting-$84,698-$84,698
Fees for Services Professional Fundraising--$60,500$60,500
Fees for Services Legal-$14,264-$14,264
Total Functional Expenses$39,007,608$6,658,458$2,170,900$47,836,966

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$48,539,507
Expenses per Audited Statements$47,836,966
Total Expenses per Form 990$47,836,966
Expenses Not Reported on Form 990$702,541
International Activity

International Summary

Spending
$432,994

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
EuropeProgram ServicesClasses Taught15$293,441
Israel and GreeceProgram ServicesClasses Taught02$96,915
Costa RicaProgram ServicesClassed Taught05$42,206
SpainProgram ServicesClasses Taught01$432
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$60,500

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Dinner$1,189,018$1,189,018$166,706$1,022,312
Total Events$1,189,018-$166,706$1,022,312
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$6,975,000$5,750,000▼ $1,225,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Annuities Payable$822,994
Liability Under Unitrust Agreements$237,951

Bond Issues

BondIssuerIssuedIssue PricePurpose
BHealth & Educ Facilities Board2013-03-20$11,678,665Refinanced 3 previous bonds
AHealth & Educ Facilities Board2005-10-06$6,500,000Build & equip a student dormitory

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$11,678,665---
A$6,500,000-$11,652,016$26,649
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

Part VI Section B Line 12C

An electronic version of the conflict of interest policy is made available to all board of trustees members. All members sign a statement acknowledging the policy and understand that there are penalties for non-compliance.

Part VI Section B Line 15A

The president's salary is reviewed annually by the compensation committee a subcommittee of the board of trustees. Each year the committee reviews available salary surveys for example the survey compiled by the chronicle of higher education. The committee also considers the president's performance especially in regard to metrics on the institution's strategic plan. A proposed change in his compensation is recommended by the committee for approval by the full board of trustees.

Part VI Section B Line 15B

The compensation for the other officers and key employees are set by the president with approval by the board of trustees.

Filing and Contact Details

Filer

Filer Name
Freed-hardeman University
EIN
62-0518288
Address
158 E MAIN ST, HENDERSON, TN 38340

Signing Officer

Name
Joe Wiley
Title
Financial Analyst
Phone
7319896006
Signed
2016-01-12

Organization Details

Principal Officer
Joe Wiley
Formed
1869
Legal Domicile
Tn
Voting Board Members
29
Independent Board Members
29
Employees
1,157
Supplemental Narrative

Additional Explanations

Part IV Section B Line 11B

A copy of the 990 is sent to all members of the audit committee of the board of trustees and made available to all members of the board of trustees upon request.

Financial Statement Notes

Part V Line 4

Support of student scholarships and operating budget are the intended use of the endowment funds.

Part XI Line 4B and Part XII Line 2D

Rental expenses against gross rents in 990-part viii line 6b of 284295 plus cost of goods sold against gross sales in 990-part viii line 10b of 251540 plus direct fundraising expenses against gross gifts in 990-sch g part ii line 9 of 166706 702541.

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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt04102378

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$209$36.6$173$69.2$58.9$10.3
2023Detailed filing. Detailed filing data is available for this year.$188$34.2$154$69.3$59.7$9.60
2022Detailed filing. Detailed filing data is available for this year.$180$35.2$145$74.0$57.3$16.7
2021Detailed filing. Detailed filing data is available for this year.$174$39.4$134$58.9$52.4$6.52
2020Detailed filing. Detailed filing data is available for this year.$153$39.7$113$55.8$53.0$2.79
2019Detailed filing. Detailed filing data is available for this year.$147$35.3$112$55.8$51.9$3.85
2018Detailed filing. Detailed filing data is available for this year.$144$34.6$109$58.3$51.6$6.72
2017Detailed filing. Detailed filing data is available for this year.$137$36.1$101$52.0$49.4$2.64
2016Detailed filing. Detailed filing data is available for this year.$135$38.8$96.0$51.8$50.7$1.04
2015Detailed filing. Detailed filing data is available for this year.$133$34.2$98.6$52.4$47.8$4.59
2014Detailed filing. Detailed filing data is available for this year.$129$35.9$92.9$75.2$48.8$26.5
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$106$39.2$66.4$41.7
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.8$38.9$58.9$40.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$93.5$37.0$56.5$41.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.6$35.4$50.1$39.8