Civic Intelligence

Freed-Hardeman University

990 • Fiscal year 2021 • EIN 62-0518288

Jun 01, 2020 to May 31, 2021 • Filed on Apr 18, 2022

158 E Main StHenderson, TN 38340

(731) 989-6000

Siviq Scores

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

Liabilities / Assets

46th percentile

0.23x

Higher debt load relative to assets than 46% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

63rd percentile

0.67x

Higher debt load relative to revenue than 63% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

53rd percentile

11%

Higher net margin than 53% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

12th percentile

$197,991

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Asset Growth

57th percentile

14%

Faster asset growth than 57% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

38th percentile

5.6%

Faster revenue growth than 38% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$173,757,054

Up $21,244,517 (+14%) from 2020

Net Assets

Up

$134,347,015

Up $21,545,897 (+19%) from 2020

Liabilities

Down

$39,410,039

Down $301,380 (-0.8%) from 2020

Revenue

Up

$58,919,175

Up $3,144,837 (+5.6%) from 2020

Expenses

Down

$52,397,666

Down $583,944 (-1.1%) from 2020

Net Income

Up

$6,521,509

Up $3,728,781 (+134%) from 2020

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

2021

Assets$173,757,054
Liabilities$39,410,039
Net Assets$134,347,015

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

2021

Revenue$58,919,175
Expenses$52,397,666
Net Income$6,521,509
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Apr 18, 2022
Return Version
2020v4.2
Gross Receipts
$77,197,689
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 emphasize physical and spiritual development of its students to prepare them for lives of service to their communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$45,939,656$72,275,658▲ $26,336,002
Land, Buildings, and Equipment, Net$76,524,363$63,978,238▼ $12,546,125
Investments Other Securities$19,729,497$17,200,748▼ $2,528,749
Cash and Non-Interest-Bearing Accounts$8,010,436$9,955,624▲ $1,945,188
Accounts Receivable$858,862$2,025,122▲ $1,166,260
Prepaid Expenses and Deferred Charges$694,127$1,055,421▲ $361,294
Other Notes and Loans Receivable, Net$503,010$370,113▼ $132,897
Inventories for Sale or Use$161,660$181,130▲ $19,470
Total Assets$152,512,537$173,757,054▲ $21,244,517
Other Assets Total$90,926$6,715,000▲ $6,624,074
Liabilities
Tax Exempt Bond Liabilities$28,339,811$29,019,536▲ $679,725
Unsecured Notes Loans Payable$3,734,911$3,734,911→ $0
Accounts Payable and Accrued Expenses$3,391,563$3,327,922▼ $63,641
Other Liabilities$2,507,677$1,719,815▼ $787,862
Deferred Revenue$742,736$950,494▲ $207,758
Mortgage Notes Payable Secured by Investment Property$529,454$456,192▼ $73,262
Grants Payable$465,267$201,169▼ $264,098
Total Liabilities$39,711,419$39,410,039▼ $301,380
Net Assets / Fund Balance
Net Assets With Donor Restrictions$63,513,292$85,844,603▲ $22,331,311
Net Assets Without Donor Restrictions$49,287,826$48,502,412▼ $785,414
Total Net Assets Fund Balance$112,801,118$134,347,015▲ $21,545,897
Total Liabilities and Net Assets / Fund Balance$152,512,537$173,757,054▲ $21,244,517

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$56,357,291$28,231,573$84,588,864
Equipment$2,055,998$5,359,309$7,415,307
Leasehold Improvements$2,389,776$2,774,580$5,164,356
Land$3,062,601-$3,062,601
Other Land Buildings$112,572$1,347,320$1,459,892
Other Securities$2,688,225--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$61,170,262$4,100,591▲ $16,617,574$-89,438$79,574,146
2019$58,837,446$4,347,985▲ $815,403$379,736$61,170,262
2018$57,859,525$3,518,075▲ $643,892$667,474$58,837,446
2017$51,947,466$5,055,336▲ $3,769,868$327,500$57,859,525
2016$46,962,098$3,530,832▲ $4,270,512$400,000$51,947,466
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
David R ShannonPresidentFT$182,339$22,991$205,330
Charles ViresProvost and VP for AcademicsFT$124,062$26,000$150,062
Jeffrey LoydCEO & VP for FinanceFT$131,931$17,937$149,868
Jason BrashierFacultyFT$124,511$17,173$141,684
David ClouseVP for AdvancementFT$120,956$17,693$138,649
Leann DavisFacultyFT$109,966$14,480$124,446
Ryan HysmithFacultyFT$100,608$16,200$116,808
Edward ScottVP for Student ServicesFT$107,759$4,353$112,112

Highest Paid Contractors

ContractorServicesLocationCompensation
E&t ContractingBuilding Contractor3615 US HWY 45 N, Henderson, TN 38340$1,275,996
EabStudent SearchPO BOX 603519, Charlotte, NC 28260$458,471
Bramblett GroupPublic Relations Consulting117 W MAIN ST, Henderson, TN 38340$350,000
Insulating Roofing SystemsRoofing Contractor4190 LISA DR, Tipp City, OH 45371$131,772
Kepler SpeakersSpeaking Bureau3030 CLARENDON BLVD 7TH FLOOR, Arlington, VA 22201$120,000
Revenue and Support

Revenue Composition

Contributions and Grants
$15,948,311
Program Service Revenue
$44,885,693
Investment Income
$-3,032,262
Other Revenue
$1,117,433
All Other Contributions
$13,266,575
Change in Net Assets
$6,521,509

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 Traded14$2,085,097Fair Market Value
Other Non Cash Contri Table12$446,000Fair Market by Donor
Securities Miscellaneous1$37,179Fair Market Value
Other Non Cash Contri Table3$12,528Fair Market by Donor
Other Non Cash Contri Table3$8,600Fair Market by Donor
Other Non Cash Contri Table1$5,000Fair Market by Donor
Books and Publications-$2,435Fair Market Value
Other Non Cash Contri Table3$2,297Fair Market by Donor
Other Non Cash Contri Table3$1,185Fair Market by Donor
Other Non Cash Contri Table1$25Fair Market by Donor
Total Noncash Contributions41$2,600,346-

Audited Revenue Reconciliation

Revenue per Audited Statements
$59,058,948
Revenue Not Reported on Financial Statements
$-139,773
Revenue Not Reported on Form 990
$15,024,388
Other Revenue Adjustments
$-139,773
Total Revenue per Audited Statements
$74,083,336
Total Revenue per Form 990
$58,919,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,884,401
Grants and Similar Amounts Paid$17,743,732
Other Expenses$14,703,533
Total Fundraising Expense$2,020,604
Professional Fundraising Fees$66,000

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$17,743,732--$17,743,732
Other Salaries and Wages$12,298,164$1,974,767$840,187$15,113,118
Other Employee Benefits$1,764,987$466,608$136,377$2,367,972
Depreciation Depletion$2,071,871$23,805$23,805$2,119,481
All Other Expenses$1,322,667$292,779$242,503$1,857,949
Information Technology-$1,255,530-$1,255,530
Payroll Taxes$915,565$96,365$58,502$1,070,432
Interest$1,019,329$11,711$11,711$1,042,751
Current Officers, Directors, Trustees, and Key Employees$815,475$130,944$55,712$1,002,131
Other Expenses$828,682$6,480$23,216$828,682
Fees for Services Other$689,369$5,734-$695,103
Advertising$48,277-$468,270$516,547
Travel$401,948$3,269$38,214$443,431
Pension Plan Contributions$269,218$43,297$18,233$330,748
Insurance$126,651--$126,651
Fees for Services Accounting-$75,202-$75,202
Fees for Services Professional Fundraising--$66,000$66,000
Conferences and Meetings$64,944--$64,944
Fees for Services Lobbying-$64,789-$64,789
Total Functional Expenses$45,541,416$4,835,646$2,020,604$52,397,666

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$52,537,439
Expenses per Audited Statements$52,397,666
Total Expenses per Form 990$52,397,666
Expenses Not Reported on Form 990$139,773
Expenses Not Reported on Financial Statements$0
International Activity

International Summary

Offices
1
Employees
1
Spending
$20,190

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
BelgiumProgram ServicesClasses Are Taught to Students11$20,190
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$1,092,751
Fundraising Direct Expenses$174,292
Professional Fundraising Fees$66,000

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Dinner$1,092,751$1,092,751$174,292$918,459
Total Events$1,092,751$1,092,751$174,292$918,459
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap$803,395
Annuities Payable$617,885
Liability Under Unitrust Agreements$298,535

Bond Issues

BondIssuerIssuedIssue PricePurpose
BHealth & Education Facility Board2015-12-11$9,850,000PAYOFF 2013 BOND
AIndustrial Development Board2016-03-17$7,500,000Payoff 2005 bond plus new capital expenses

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$9,850,000-$9,821,285$28,715
A$7,500,000-$5,304,420$35,384

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The form 990 is prepared by an outside public accounting firm. The return is reviewed in detail by the vp for financial affairs and the president of the college. The draft is emailed to members of the board of trustees for their review and approval prior to filing the return with the internal revenue service.

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

An electronic version of the conflict of interest policy is made available to all board of trustee members. All members sign a statement acknowledging the policy.

Form 990, Part VI, Section B, Line 15

The president's salary is reviewed annually by the compensation committee, a subcommittee of the executive committee of the board of trustees. Each year the committee reviews available salary surveys, for example the survey compiled by the college & university professional association (cupa-hr). 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. The president sets the compensation of his direct reports and compensation for each of the vice-presidents.

Form 990, Part VI, Section C, Line 19

The university's governing documents, conflict of interest policy, and financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Freed-hardeman University
EIN
62-0518288
Phone
7319896000
Address
158 E MAIN ST, HENDERSON, TN 38340

Signing Officer

Name
Jason Brashier
Title
CFO & VP for Financial Services
Phone
7319896000
Signed
2022-04-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Brashier
Formed
1869
Legal Domicile
Tn
Voting Board Members
28
Independent Board Members
28
Employees
1,057
Volunteers
0

Preparer

Firm
Crosslin Pllc
Address
3803 BEDFORD AVENUE SUITE 103, NASHVILLE, TN 37215
Preparer
Steven D Warren
Phone
6153205500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

SWAP AGREEMENT 879,979.

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 2D - OTHER ADJUSTMENTS:

Interest rate swap agreement

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Cost of goods sold rental expenses

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold rental expenses

Schedule D, Part XII

The university has a bank loan agreement with a variable interest rate based on a function of libor. The university entered an interest rate swap agreement to hedge against the risk of interest rate increases. The derivative financial instrument is not held for trading purposes. The fair value of the derivative financial instrument on may 31, 2021 resulted in an asset of $879,979.

Schedule D, Part XII

Rental expenses against gross rents in 990-part viii, line 6b of $11,845 plus cost of goods sold against gross sales in 990-part viii, line 10b of $127,928 equals $139,773.

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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/ActivityOrMissionDesc0FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES.
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IRS990/Desc0THE UNIVERSITY CONDUCTED CLASSES FOR APPROXIMATELY 2,100 STUDENTS AND GRADUATED APPROXIMATELY 450 DURING THE FISCAL YEAR. THE EXPENSES INCLUDED FACULTY SALARIES AND BENEFITS, AUXILIARY ENTERPRISES, STAFF, AND OPERATIONS AND MAINTENANCE TO SUPPORT THEM.
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IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12VICE CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt28CEO & VP FOR FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt29PROVOST AND VP FOR ACADEMICS
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP FOR ADVANCEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP FOR STUDENT SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt32FACULTY
IRS990/Form990PartVIISectionAGrp/TitleTxt33FACULTY
IRS990/Form990PartVIISectionAGrp/TitleTxt34FACULTY
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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