2024-04-15T12:35:17-05:00 2023-05-31 561965804 THOMAS JUDY & TUCKER PA 4700 FALLS OF NEUSE ROAD STE 400 RALEIGH NC 27609 990 2022-06-01 560547511 LOUISBURG COLLEGE LOUI 9194962521 501 NORTH MAIN STREET LOUISBURG NC 27549 DR GARY M BROWN PRESIDENT 9194962521 2024-04-15 1 DR GARY M BROWN 999009999 0 MICHAEL A SHUSKO CPA P01314870 9195717055 2024-04-12 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z DR GARY M BROWN 501 NORTH MAIN STREET LOUISBURG NC 27549 15642448 0 X WWW.LOUISBURG.EDU X 1928 NC TO PROVIDE A BRIDGE FOR STUDENTS TO TRANSITION FROM HIGH SCHOOL TO SENIOR COLLEGES AND UNIVERSITIES 22 21 287 22 0 0 6764550 2264896 14662918 11936331 1402336 396663 175721 210692 23005525 14808582 5225520 3182761 0 0 4371813 4415775 0 0 224264 11296337 8905001 20893670 16503537 2111855 -1694955 47886546 44373889 20355427 19129588 27531119 25244301 RELATED BY FAITH TO THE UNITED METHODIST CHURCH, LOUISBURG COLLEGE IS A TWO-YEAR RESIDENTIAL INSTITUTION COMMITTED TO OFFERING A SUPPORTIVE COMMUNITY THAT NURTURES YOUNG MEN AND WOMEN INTELLECTUALLY, CULTURALLY, SOCIALLY, PHYSICALLY, AND SPIRITUALLY. 0 0 12474959 3182761 12083518 LOUISBURG COLLEGE CONTINUES TO ADMIT AN INCREASING NUMBER OF STUDENTS WITH HIGHER GPA AVERAGES. CONFIRMATION OF LOUISBURG'S SUCCESS IN PREPARING STUDENTS FOR THE NEXT STEPS IN THEIR COLLEGIATE CAREERS IS EVIDENCED BY THE COLLEGE'S COURSE COMPLETION RATE AND THE NUMBER OF STUDENTS WHO TRANSFER TO FOUR YEAR INSTITUTIONS. THE COLLEGE'S CURRENT COURSE COMPLETION RATE IS 76%. OVER THE PAST FEW YEARS, AT LEAST 80% OF THE COLLEGE'S GRADUATES HAVE TRANSFERRED TO FOUR-YEAR COLLEGES AND UNIVERSITIES. 12474959 1 1 0 0 0 0 1 1 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 1 28 0 287 1 0 0 0 0 0 0 0 0 0 0 0 0 X 22 21 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 X ANNA FAATILIGA 9194973207 501 NORTH MAIN STREET LOUISBURG NC 27549 D TADLEY DEBERRY CHAIRMAN 2.00 1.00 X X 0 0 0 WILLIAM R CROSS VICE CHAIRMAN 2.00 1.00 X X 0 0 0 WILLIAM NORRIS VICE CHAIRMAN 2.00 1.00 X X 0 0 0 LYNDA C LUMPKIN SECRETARY 1.00 1.00 X X 0 0 0 BILL BODDIE JR TRUSTEE 1.00 X 0 0 0 W BRITT COBB JR TRUSTEE 1.00 X 0 0 0 WILLIAM PARRISH TRUSTEE 1.00 X 0 0 0 JAMES GAILLIARD TRUSTEE 1.00 X 0 0 0 EMILY HODGES TRUSTEE 1.00 X 0 0 0 LYNDA W HUDSON TRUSTEE 1.00 X 0 0 0 LINDA F JOHNSON TRUSTEE 1.00 X 0 0 0 CHARLES KNIGHT TRUSTEE 1.00 X 0 0 0 GLYNIS HILL-CHANDLER TRUSTEE 1.00 X 0 0 0 MARLA G COLEMAN TRUSTEE 1.00 X 0 0 0 FRANKLIN T ROBERTS TRUSTEE 1.00 X 0 0 0 WILLIAM C SHELTON TRUSTEE 1.00 X 0 0 0 C BOYD STURGES III TRUSTEE 1.00 X 0 0 0 WARD SYLVESTER TRUSTEE 1.00 X 0 0 0 BOBBIE RICHARDSON TRUSTEE 1.00 X 0 0 0 LUCY T ALLEN TRUSTEE 1.00 X 0 0 0 SHARON BRYSON TRUSTEE 1.00 X 0 0 0 STEVEN E BROOKS TRUSTEE 1.00 X 0 0 0 DR GARY M BROWN PRESIDENT 40.00 5.00 X 242000 0 20291 DR CALANDRA D LOCKHART VICE PRESIDENT OF ACEDEMIC 40.00 X 122500 0 13121 364500 0 33412 2 0 1 0 CHARTWELLS 501 N MAIN STREET LOUISBURG NC 27549 DINING SERVICES 1582879 1 979127 1285769 8800 2264896 TUITION AND FEES 611310 7946843 7946843 AUXILIARY ENTERPRISES 611310 3989488 3989488 11936331 607376 607376 63505 0 63505 63505 63505 623153 833866 -210713 -210713 -210713 MISCELLANEOUS INCOME 900099 147187 147187 147187 14808582 12083518 0 460168 3182761 3182761 262383 190888 63181 8314 2892873 2104607 696596 91670 172645 125601 41573 5471 409345 297805 98569 12971 678529 493640 163388 21501 14632 14632 109130 109130 77405 77405 268009 104302 159238 4469 300464 202664 70221 27579 260273 156567 68222 35484 452480 195431 247078 9971 174018 159426 14409 183 652595 563842 88753 1329273 1148492 180781 477960 477335 625 REPAIRS & MAINTENANCE 2069200 1776230 292970 AUXILIARY 1727221 1725750 1105 366 BAD DEBT 729537 729537 SALES TAX, FOOD SERVICE 130634 41 130593 132170 46912 79598 5660 16503537 12474959 3804314 224264 317984 972545 4576492 1889798 974970 954810 347793 329582 221284 172042 49558759 23515596 26449565 26043163 14206427 13308809 792031 703140 47886546 44373889 1034136 627197 617746 602125 18585264 17726901 118281 173365 20355427 19129588 X 11892998 10389685 15638121 14854616 27531119 25244301 47886546 44373889 X -1694955 -502580 -89283 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 1 92.00 1 1 1000.00 X X X 0 14800915 115377 -337755 675108 77405 13826024 16299122 288574 -982996 715010 88775 14800915 13765712 248665 2923436 558052 80639 16299122 13934844 618970 533778 1215774 106106 13765712 14219355 202360 152687 519102 120456 13934844 0.03495 0.83750 0.12755 1 0 46194 346844 393038 250000 36379794 13777395 22852399 10458835 8935611 1523224 2077092 802590 1274502 26043163 AGENCY FUNDS 173365 173365 X 11776298 -502580 -502580 12278878 77405 2452299 2529704 14808582 13246171 0 13246171 77405 3179961 3257366 16503537 PART II, LINE 9: CONTRIBUTED PROPERTY AND EQUIPMENT IS RECORDED AT FAIR VALUE AT THE DATE OF DONATION. IF DONORS STIPULATE HOW LONG THE ASSETS MUST BE USED, THE CONTRIBUTIONS ARE RECORDED AS CONTRIBUTIONS WITH DONOR RESTRICTIONS. . IN THE ABSENCE OF SUCH STIPULATIONS, CONTRIBUTIONS OF PROPERTY AND EQUIPMENT ARE RECORDED AS CONTRIBUTIONS WITHOUT DONOR RESTRICTIONS. THE COLLEGE'S COLLECTIONS ARE CONSIDERED TO BE COLLECTIBLES AND THEREFORE ARE NOT SUBJECT TO DEPRECIATION. PART III, LINE 4: THE COLLEGE'S COLLECTIBLES CONSIST OF AN 1860 WEBER GRAND PIANO, PAINTINGS AND ARTWORK. THE COLLECTIBLES ARE AVAILABLE FOR EDUCATION, PUBLIC EXHIBITION AND PRESERVATION FOR FUTURE GENERATIONS. PART V, LINE 4: ENDOWMENT FUNDS ARE USED TO PROVIDE ONGOING FINANCIAL SUPPORT FOR THE COLLEGE'S OPERATIONS OR SPECIFIC PROGRAMS OFFERED. EARNINGS FROM ENDOWMENT FUNDS ARE AVAILABLE FOR THE PURPOSE SPECIFIED IN THE DONOR'S ENDOWMENT AGREEMENT, PRIMARILY SCHOLARSHIP ALLOWANCES TO STUDENTS. PART X, LINE 2: THE COLLEGE HAS A TAX DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE STATING THAT IT QUALIFIES UNDER THE PROVISION OF THE APPLICABLE INTERNAL REVENUE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE COLLEGE'S TAX POSITIONS AND CONCLUDED THAT THE COLLEGE HAS TAKEN NO UNCERTAIN TAX PROVISIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ACCOUNTING STANDARDS CODIFICATION. THE COLLEGE BELIEVES IT DOES NOT HAVE ANY FILING REQUIREMENTS FOR THE FORM 990-T AND ACCORDINGLY HAS NOT FILED A FORM 990-T. PART XI, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,179,961. DEFICIENCY OF INVESTMENT RETURN -727,662. PART XII, LINE 4B - OTHER ADJUSTMENTS: SCHOLARSHIPS 3,179,961. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE RACIALLY NONDISCRIMINATORY POLICY IS PUBLISHED ON LOUISBURG COLLEGE'S WEBSITE. SCHEDULE E, PART I, LINE 6 VARIOUS FINANCIAL AID AWARDS ARE RECEIVED FROM FEDERAL AND STATE AGENCIES TO ASSIST THE SCHOOL AND STUDENTS IN EDUCATIONAL OPPORTUNITIES. 1 SCHOLARSHIPS & GRANTS 390 3182761 PART I, LINE 2: STUDENTS ARE REQUIRED TO COMPLETE A FAFSA. ELIGIBILITY FOR SCHOLARSHIPS IS DETERMINED BY THE APPLICABLE FEDERAL AND STATE GUIDELINES, BY THEIR ACADEMIC CREDENTIALS, AND FINANCIAL NEED. STUDENTS ARE APPROPRIATELY AWARDED SCHOLARSHIPS IN THE FINANCIAL AID OFFICE AND THE AWARDS ARE TRANSFERRED TO THE STUDENTS' ACCOUNTS IN THE BUSINESS OFFICE. ALL SCHOLARSHIP AND GRANT FUNDS ARE RECONCILED EACH SEMESTER AND REPORTED TO THE APPROPRIATE AUTHORITIES OR AGENCIES. FUNDS ARE ALSO AUDITED ANNUALLY. X 1 1 X X X 0 0 0 0 0 0 0 0 0 DR GARY M BROWN PRESIDENT 242000 0 0 0 0 0 14520 0 5771 0 262291 0 0 0 PART I, LINE 1A THE COLLEGE PROVIDES A HOUSE FOR ITS PRESIDENT AS A CONDITION OF EMPLOYMENT AND FOR THE CONVENIENCE OF THE COLLEGE. ACCORDINGLY, SUCH LODGING IS NOT INCLUDED IN TAXABLE INCOME. EMILY HODGES BOARD TRUSTEE 231527 EMILY HODGES OWNS HODGES INSURANCE AGENCY, TO WHICH PREMIUMS ARE PAID FOR COMMERCIAL, STUDENT, ATHLETIC, AND LIABILITY INSURANCE POLICIES. 0 FORM 990, PART VI, SECTION B, LINE 11B THE TAX RETURN IS REVIEWED INTERNALLY THEN PRESENTED TO THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES FOR APPROVAL. THE FINAL RETURN IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY ELECTRONICALLY PRIOR TO ITS SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE COLLEGE HAS FORMED A STANDING AUDIT COMMITTEE THAT OVERSEES THE CONFLICT OF INTEREST POLICY. EACH BOARD MEMBER IS REMINDED ANNUALLY AT THE FALL BOARD MEETING THAT HE OR SHE IS TO DISCLOSE ANY INTERESTS THAT COULD GIVE RISE TO A CONFLICT. THE ORGANIZATION'S CFO WILL DISCLOSE TO THE AUDIT COMMITTEE ANY INDIVIDUAL BOARD MEMBERS WHO DO BUSINESS WITH THE INSTITUTION. FORM 990, PART VI, SECTION B, LINE 15 ALL KEY EMPLOYEES' SALARIES ARE COMPARED WITH DATA FROM SIMILAR PRIVATE COLLEGES BEFORE THE POSITION IS AUTHORIZED. LOUISBURG COLLEGE USES DATA PROVIDED BY THE NORTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES ORGANIZATION WHICH PROVIDES COMPARATIVE DATA BASED ON THE SIZE AND ENROLLMENT OF THE COLLEGE. FORM 990, PART VI, SECTION C, LINE 19 THE COLLEGE MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUSTS -89,283. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF THE COLLEGE'S FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. KENAN HALL SARE LLC 501 NORTH MAIN STREET LOUISBURG NC 27549 462059052 OWN AND ENCUBER THE KENAN HALL DORMITORY NC 5191397 LOUISBURG COLLEGE FOUNDATION 501 NORTH MAIN STREET LOUISBURG NC 27549 812734620 HOLD ASSETS TO BE USED AS COLLATERAL FOR USDA DEBT NC 88532 1472165