2024-04-24T16:21:54-05:00 2023-05-31 275360847 CROSSLIN PLLC 3803 BEDFORD AVENUE SUITE 201 NASHVILLE TN 37215 990 2022-06-01 620518288 FREED-HARDEMAN UNIVERSITY FREE 7319896000 158 E MAIN ST HENDERSON TN 38340 JASON BRASHIER CFO & VP FOR FINANCIAL SERVICES 7319896000 2024-04-24 1 JASON BRASHIER 999009999 0 RODNEY C BROWER P00168898 6153205500 2024-04-24 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JASON BRASHIER 158 E MAIN ST HENDERSON TN 38340 79784661 0 X WWW.FHU.EDU X 1869 TN 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. 32 32 907 225 -96411 0 19420831 16516515 51218911 51778848 2411578 613331 968001 356894 74019321 69265588 18721444 18995026 0 0 20756506 21338306 0 0 2370730 17844621 19333876 57322571 59667208 16696750 9598380 179769242 187756629 35160879 34187720 144608363 153568909 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. 0 0 52246252 18995026 52076538 THE 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. 52246252 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 0 1 0 1 1 1 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 123 0 907 0 1 1 1 BE 0 0 0 1 0 0 0 0 0 X 32 32 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X COURTNEY W INSELL 7319896011 158 E MAIN ST HENDERSON TN 38340 STEVE BAGGETT TRUSTEE 1.00 X 0 0 0 KATHERINE L BENNETT TRUSTEE 1.00 X 0 0 0 LARRY W BLOOMINGBURG TRUSTEE 1.00 X 0 0 0 DAYLA CALENDINE TRUSTEE 1.00 X 0 0 0 TERRY CREWS TRUSTEE 1.00 X 0 0 0 JOHN DEBERRY JR TRUSTEE 1.00 X 0 0 0 JOHN DODD TRUSTEE 1.00 X 0 0 0 JAY T DRYDEN TRUSTEE 1.00 X 0 0 0 STEVE ESTES SECRETARY 1.00 X 0 0 0 THOMAS GUMM TRUSTEE 1.00 X 0 0 0 JEFF JENKINS TRUSTEE 1.00 X 0 0 0 DR DALE E JONES TRUSTEE 1.00 X 0 0 0 SCOTT LATHAM VICE CHAIRMAN 1.00 X 0 0 0 JOHN T LAW IMMEDIATE PAST CHAIRMAN 1.00 X 0 0 0 JAMES LEONARD TRUSTEE 1.00 X 0 0 0 DR BILL MORGAN TRUSTEE 1.00 X 0 0 0 MARK NEWBY TRUSTEE 1.00 X 0 0 0 LYNN PATTERSON TRUSTEE 1.00 X 0 0 0 BRETT L PHARR TRUSTEE 1.00 X 0 0 0 NATHAN B PRIDE TRUSTEE 1.00 X 0 0 0 ROBERT P SHACKELFORD III TRUSTEE 1.00 X 0 0 0 DANNY TALKINGTON TRUSTEE 1.00 X 0 0 0 MYNONNE TATE TRUSTEE 1.00 X 0 0 0 ROBERT C VEIL JR TRUSTEE 1.00 X 0 0 0 TED H WILLIAMS CHAIRMAN 1.00 X 0 0 0 GREGG A WOODALL TRUSTEE 1.00 X 0 0 0 CURT ZONDERVAN TRUSTEE 1.00 X 0 0 0 TONY WILLIAMS TRUSTEE 1.00 X 0 0 0 LEE JOHNSON TRUSTEE 1.00 X 0 0 0 GARY MASSEY JR TRUSTEE 1.00 X 0 0 0 PEGGY TIDWELL TRUSTEE 1.00 X 0 0 0 DAVID R SHANNON PRESIDENT 40.00 X 267254 0 19081 CHARLES VIRES PROVOST AND VP FOR ACADEMI 40.00 X 172968 0 19169 DAVID CLOUSE VP FOR ADVANCEMENT 40.00 X 145358 0 18984 JASON BRASHIER VICE PRESIDENT FOR FINANCI 40.00 X 151690 0 18461 TOMMIE KIRK VP FOR STUDENT SERVICES 40.00 X 58865 0 2022 MATTHEW A VEGA ASSOCIATE PROFESSOR 40.00 X 126391 0 15298 LEANN DAVIS ASSOCIATE PROFESSOR 40.00 X 139877 0 18611 STEPHEN MARVIN PROFESSOR 40.00 X 127090 0 17511 JERRY A SATTERFIELD CHIEF INVESTMENT OFFICER 40.00 X 136858 0 10324 BRANDON LANCELOTI PROFESSOR 40.00 X 126214 0 18230 1452565 0 157691 9 0 1 0 0 1551637 14964878 16516515 TUITION & FEES 611310 36340931 36340931 AUXILIARY ENTERPRISES 611310 10453374 10453374 INSURANCE PROCEEDS 611310 3289493 3289493 OTHER SOURCES 611310 1695050 1695050 51778848 768946 768946 7930 944 6986 6986 6986 9812118 9220866 746867 591252 -746867 -155615 -155615 645734 192429 453305 453305 254570 357967 -103397 -103397 69265588 51623233 -96411 1222251 18995026 18995026 1610256 1310331 210405 89520 14505646 11803839 1895391 806416 3986915 3005203 753301 228411 1235489 1056742 111224 67523 1335761 1021905 216019 97837 502270 46943 455327 1910491 1441513 419528 49450 914995 914995 1663083 1527377 10694 125012 991628 969354 11137 11137 2418466 2364140 27163 27163 OPERATION & MAINTENANCE 3914768 3826832 43968 43968 OTHER EXPENSES 3405782 2933966 425685 46131 DINING SERVICES 1731188 1720472 10716 0 EVENTS 545444 222609 0 322835 59667208 52246252 5050226 2370730 14814310 11983618 1449110 1327973 242613 224355 175998 22767 1451311 1429793 110513513 41814783 66387244 68698730 69022180 79984039 19882814 23223415 6343662 861939 179769242 187756629 3861094 3553620 31875 0 811197 776155 27883230 12484574 378952 15381679 2194531 1991692 35160879 34187720 X 57159893 63032159 87448470 90536750 144608363 153568909 179769242 187756629 X 9598380 -753138 115304 X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 75019300 2152200 172849 430792 764217 -3544580 79693920 79574146 4600079 -5808555 2596969 -114373 863774 75019300 61170262 4100591 16617574 2222933 -89438 391991 79574146 58837446 4347985 815403 2122538 379736 328298 61170262 57859525 3518075 643892 1905613 667474 610959 58837446 0.05497 0.42243 0.52260 0 0 2927714 2927714 88385657 31307524 57078133 7048983 3309484 3739499 8908852 6062899 2845953 3242307 1134876 2107431 68698730 ALTERNATIVE INVESTMENTS 10940349 F PRIVATE EQUITY FUND 6460579 F LAND AND OTHER INVESTMENTS 559426 F CHARITABLE REMAINDER TRUSTS 5263061 F 23223415 LIABILITY UNDER UNITRUST AGREEMENTS 1776543 ANNUITIES PAYABLE 215149 1991692 49991639 -753138 474215 -278923 50270562 18995026 18995026 69265588 41031093 358911 358911 40672182 18995026 18995026 59667208 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: CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENT ACTUARIAL ADJUSTMENT OF ANNUITIES CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS RENTAL EXPENSES COST OF GOODS SOLD - 990T PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD - 990T RENTAL EXPENSES PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 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, 20221 RESULTED IN AN ASSET OF $343,662. 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. 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 UNIVERSITY POLICY IS NOTED IN THE SCHOOL'S CATALOG, ON THE SCHOOL'S WEBSITE AND IN PRINTED BROCHURES. SCHEDULE E, PART I, LINE 6 THROUGH THE STUDENT FINANCIAL AID SYSTEM, THE SCHOOL RECEIVES MONEY TO DISBURSE TO STUDENTS UNDER THE FEDERAL WORK STUDY PROGRAM. IN ADDITION, THE UNIVERSITY APPLIED FOR AND WAS GRANTED THE HIGHER EDUCATION EMERGENCY RELIEF FUNDS (HEERF) AS AUTHORIZED BY SECTION 18004(A)(1) OF THE CARES ACT, PUB. L. NO. 116-136 DUE TO THE COVID-19 PANDEMIC. THE GRANT WAS AWARDED FOR $1,117,973 IN THIS FISCAL YEAR. 1 BELGIUM 1 1 PROGRAM SERVICES CLASSES ARE TAUGHT TO STUDENTS 351723 1 1 0 0 1 1 351723 0 351723 CONSULTANT FOR EUROPEAN PROGRAM EUROPE 1 12000 BY USA CHECK BOOK 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X X X X X X 0 THOMPSON AND ASSOCIATES 112 WESTWOOD PLACE SUITE 250 BRENTWOOD TN 370275327 ESTATE PLANNING CONSULTING 0 0 0 74000 DICKERSON BAKKER & ASSOCIATES LLC 1998 HENDERSONVILLE RD SUITE 23 ASHEVILLE NC 28803 NONPROFIT CONSULTING 0 0 0 66723 140723 AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY BENEFIT DINNER 602439 602439 181317 SAC BENEFIT DINNER 43295 43295 11112 645734 645734 192429 192429 453305 1 STUDENT SCHOLARSHIPS 1435 17723467 BOOK X 1 0 X X X X 0 0 0 0 0 0 0 0 0 DAVID R SHANNON PRESIDENT 267254 0 0 0 0 0 0 0 0 0 267254 0 0 0 CHARLES VIRES PROVOST AND VP FOR ACADEMI 172968 0 0 0 0 0 0 0 0 0 172968 0 0 0 JASON BRASHIER VICE PRESIDENT FOR FINANCI 151690 0 0 0 0 0 0 0 0 0 151690 0 0 0 A INDUSTRIAL DEVELOPMENT BOARD 626000307 2016-03-17 7500000 PAYOFF 2005 BOND PLUS NEW CAPITAL EXPENSES 0 0 0 B HEALTH & EDUCATION FACILITY BOARD 521339251 2015-12-11 9850000 PAYOFF 2013 BOND 0 0 0 A 1862781 7500000 35384 2160196 2016 1 0 1 1 B 3002645 9850000 28715 2015 1 1 0 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 A 0 B 0 X 13368 732155 FAIR MARKET VALUE X 1 117500 FAIR MARKET VALUE 0 1 0 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. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENT 518,277. ACTUARIAL ADJUSTMENT OF ANNUITIES 239,602. CHANGE IN FAIR VALUE OF SPLIT-INTEREST AGREEMENTS -642,575. 1