2024-03-26T09:57:40-05:00 2023-05-31 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2022-06-01 560556753 Lenoir-Rhyne University % JEREMY SHREVE LENO 8283287100 PO Box 7164 Hickory NC 286037164 Jeremy Shreve VP of Finance&Admin 8283287100 2024-03-25 true Jeremy Shreve 999009999 SANDRA L FEINSMITH P01064157 9192781936 2024-03-25 3 2022 2023-04-26 12:10:37Z Frederick K Whitt PO Box 7164 Hickory NC 286037164 118637459 false X WWW.LR.EDU X 1905 NC SEE SCHEDULE O 28 27 976 30 -35353 0 32772720 16138525 78237354 77374110 9142459 5020686 78313 58719 120230846 98592040 40300159 38182163 0 0 27951022 28881688 155319 0 2734333 27375913 32956164 95782413 100020015 24448433 -1427975 270721083 291244186 50425975 77857640 220295108 213386546 PROVIDE EDUCATIONAL PROGRAMS AND CONFER UNDERGRADUATE DEGREES IN APPROXIMATELY 60 ACADEMIC PROGRAMS OF STUDY. THE UNIVERSITY OFFERS 57 DIFFERENT PROGRAMS OF STUDY FOR UNDERGRADUATES AND 24 DIFFERENT PROGRAMS FOR GRADUATE DEGREES. false false 59328473 36944899 67451827 PROVIDE EDUCATIONAL PROGRAMS & CONFER DEGREES FOR 57 UNDERGRADUATE & 24 GRADUATE ACADEMIC PROGRAMS OF STUDY. 7677802 0 9518248 PROVIDE STUDENT LIFE PROGRAMS TO RESIDENTIAL & COMMUTER STUDENTS AS PART OF THEIR ACADEMIC EXPERIENCES AT THE UNIVERSITY. 3385569 1237264 404035 PROVIDE EDUCATIONAL PROGRAMS & CONFER MASTERS LEVEL GRADUATE DEGREES IN COUNSELING, ATHLETIC TRAINING, BUSINESS & OCCUPATIONAL THERAPY. 70391844 true true false false false false false false true true true true false false true true false true true false false false false false false false false false true true true false false false false false false false false false false true false false false true false false false false true 5759 0 true 976 true true true false false false false false false false false false false false X 28 27 true true false false false true false true true false false true true true true true true true true false NC SC X JEREMY SHREVE 8283287100 PO BOX 7164 Hickory NC 286037164 X DR FREDERICK K WHITT PRESIDENT 40.0 0.0 X X 415797 0 84503 JEREMY SHREVE VP BUSINESS & FINANCE 40.0 0.0 X 191068 0 37448 GARY C JOHNSON PROFESSOR 40.0 0.0 X 204208 0 21079 CATHERINE NIEKRO VP INSTITUTIONAL ADVANCEMENT 40.0 0.0 X 188995 0 32075 RACHEL NICHOLS VP ENROLLMENT 40.0 0.0 X 168574 0 16444 AVERY STALEY VICE PRESIDENT OF DEI 40.0 0.0 X 163302 0 9765 CRAIG SCHREIBER DEAN OF THE CHARLES SNIPES COL 40.0 0.0 X 144555 0 17531 JENNIFER BURRIS PROVOST 40.0 0.0 X 138699 0 15928 KIMBERLY PATE VP ATHLETICS 40.0 0.0 X 119701 0 32391 MICHAEL R JACOBS HEAD FOOTBALL COACH 40.0 0.0 X 127563 0 23312 WESLEY N REID ASST PROF. & PROGRAM DIRECTOR 40.0 0.0 X 115081 0 32857 MARY SHORE RECTOR AND DEAN 40.0 0.0 X 114737 0 14932 SCOTT WEDDINGTON DEAN EDUCATION & HUMANITIES 40.0 0.0 X 112480 0 6720 LAURA CRAWLEY VP MISSION ENGAGEMENT & INNOVA 40.0 0.0 X 113276 0 5400 MADELEINE S DASSOW CHAIR 1.0 0.0 X X 0 0 0 BOYD C WILSON JR VICE CHAIR 1.0 0.0 X X 0 0 0 KATHERINE ESCH SECRETARY 1.0 0.0 X X 0 0 0 JERALD LEONHARDT TREASURER 1.0 0.0 X X 0 0 0 JANIE PARKS PEAK ASSISTANT SECRETARY 1.0 0.0 X X 0 0 0 EDWARD BEARD JR AT LARGE 1.0 0.0 X 0 0 0 REV DR MARK BERNTHAL TRUSTEE 1.0 0.0 X 0 0 0 PERRELL D BESS AT LARGE 1.0 0.0 X 0 0 0 STEVEN CARTER TRUSTEE 1.0 0.0 X 0 0 0 REV DR ERIC CHILDERS TRUSTEE 1.0 0.0 X 0 0 0 REV RACHEL L CONNELLY TRUSTEE 1.0 0.0 X 0 0 0 MARVIN S EDWARDS TRUSTEE 1.0 0.0 X 0 0 0 RICK GOERES TRUSTEE 1.0 0.0 X 0 0 0 MARGARET JACKSON TRUSTEE 1.0 0.0 X 0 0 0 GABRIELLE KELLY TRUSTEE 1.0 0.0 X 0 0 0 DEWYONE KING TRUSTEE 1.0 0.0 X 0 0 0 LESLIE LAMBERT TRUSTEE 1.0 0.0 X 0 0 0 HANSEL R MCCRORIE AT LARGE 1.0 0.0 X 0 0 0 JOSEPH P MCGUIRE TRUSTEE 1.0 0.0 X 0 0 0 KATHERINE MCKENZIE TRUSTEE 1.0 0.0 X 0 0 0 STEPHEN MISENHEIMER TRUSTEE 1.0 0.0 X 0 0 0 ISAIAH OGLESBY TRUSTEE 1.0 0.0 X 0 0 0 CORIE PAULING TRUSTEE 1.0 0.0 X 0 0 0 CHRIS PEEK TRUSTEE 1.0 0.0 X 0 0 0 REV DR TIMOTHY M SMITH TRUSTEE 1.0 0.0 X 0 0 0 MICHAEL THOMAS TRUSTEE 1.0 0.0 X 0 0 0 REV CHRISTOPHER WEBB TRUSTEE 1.0 0.0 X 0 0 0 2318036 0 350385 14 true true false ARANARK FACILITIES SERVICES 1255 CRESCENT GREEN DRIVE SUITE 210 CARY NC 27518 MAINT & HOUSEKEEPING 1893761 DAVID E LOOPER CO PO BOX 3224 HICKORY NC 28603 CONSTRUCTION NEEDS 1576406 ARAMARK CAMPUS SERVICES LR BOX 7476 HICKORY NC 28603 FOOD SERVICES 1293287 ELLUCIAN CO LP 4375 FAIR LAKES CT FAIRFAX VA 22033 IT CONSULTANTS 883583 EDUCATIONAL INSTITUTIONAL INS AD 200 S WACKER DRIVE SUITE 1325 CHICAGO IL 60606 INSURANCE NEEDS 390662 25 4037134 12101391 1001228 16138525 TUITION AND FEES 611710 67451827 67451827 AUXILIARY SERVICES 611710 9518248 9518248 OTHER FEES/ADMISSIONS 611710 404035 404035 77374110 7151216 8127 7143089 0 0 132216 73497 58719 0 58719 58719 17841392 19971922 -2130530 -2130530 -43480 -2087050 0 0 0 0 0 0 0 0 0 0 98592040 77374110 -35353 5114758 0 38182163 38182163 0 0 1855907 972124 802123 81660 0 20960894 10981598 9061580 917716 1061582 556163 458922 46497 3417522 1790440 1477395 149687 1585783 830792 685534 69457 6727551 3524564 2908320 294667 270261 141590 116834 11837 164585 86226 71150 7209 0 0 194638 194638 2764802 1428519 1175370 160913 278387 145847 120347 12193 702771 367121 304957 30693 3253516 1704517 1406495 142504 5776 3026 2497 253 21604 13872 6572 1160 1703298 893116 735514 74668 0 0 2090799 1095370 903852 91577 0 5666810 2968842 2449762 248206 1092602 572414 472332 47856 REPAIRS/SERVICE AGREEMENTS 2644184 1396032 1131438 116714 UTILITIES 2618340 1395485 1106187 116668 BAD DEBTS 907973 475687 392517 39769 MEMBERSHIPS & DUES 259662 136037 112252 11373 1588605 730299 797250 61056 100020015 70391844 26893838 2734333 4500 4957 13064863 23455684 11223299 9730357 1575714 5422524 0 0 0 0 0 0 36734 10867 2875519 6469223 191979084 77610217 103785430 114368867 70278784 67046044 62653551 60557846 0 0 0 0 5222689 4177817 270721083 291244186 9266757 9438386 0 0 959234 2503834 21124085 51529493 255874 195139 0 0 11298389 0 0 0 7521636 14190788 50425975 77857640 X 68641319 77640452 151653789 135746094 220295108 213386546 270721083 291244186 X -1427975 -5600716 120129 X X false true X true true true X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false true X 136615092 643135 -933735 3056067 4692709 194638 128381078 138409957 2421688 1279436 2911561 2109278 475150 136615092 112044028 1623632 29959817 2706211 2002972 508337 138409957 111208887 2736504 3271871 2648833 2020558 503843 112044028 109575171 4577290 1815770 2474804 1803535 481005 111208887 0.07370 0.73610 0.19020 false false 362815 2562528 2925343 168753616 62137356 106616260 13853065 10502796 3350269 6447060 4970065 1476995 114368867 PRIVATE EQUITY 22798552 F HEDGE FUNDS 14944503 F EQUITY FUNDS 9593870 F REAL ASSETS 6888646 F BOND FUNDS 4717021 F ANNUITY CONTRACTS 1615254 F 60557846 0 LINES OF CREDIT 14190788 14190788 X 54808149 -5600716 193626 -5407090 60215239 194638 38182163 38376801 98592040 61716711 73497 73497 61643214 194638 38182163 38376801 100020015 SCHEDULE D, PART IV, LINE 2B: LENOIR-RHYNE UNIVERSITY SERVES AS CUSTODIAN FOR FUNDS BELONGING TO VARIOUS STUDENT ORGANIZATIONS. GROUPS ARE ABLE TO ACCESS THE FUNDS ON REQUEST WITH APPROVAL OF ADVISOR. SCHEDULE D, PART V, LINE 4: PROVIDE SCHOLARSHIPS, PROFESSORSHIPS, AND PROGRAM SUPPORT AS DESIGNATED BY DONORS. SCHEDULE D, PART X, LINE 2: THE UNIVERSITY IS A TAX-EXEMPT ENTITY UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"). MANAGEMENT EVALUATED THE UNIVERSITY'S TAX POSITIONS AND CONCLUDED THAT THE UNIVERSITY HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE CONSOLIDATED FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THE INCOME TAXES TOPIC OF THE FASB ASC. THE UNIVERSITY FILES A FORM 990-T IN ACCORDANCE WITH APPLICABLE U.S. FEDERAL REGULATIONS. SCHEDULE D, PART XI, LINE 2D: RENTAL EXPENSES $ 73,497 Change in Value of Split-Interest Agreements -$ 139,818 Gain on Interest Rate Swap $ 259,947 Total $ 193,626 SCHEDULE D, PART XI, LINE 4B: Grants and Scholarships $ 38,182,163 Total $ 38,182,163 SCHEDULE D, PART XII, LINE 2D: RENTAL EXPENSES $ 73,497 SCHEDULE D, PART XII, LINE 4B: Grants and Scholarships $ 38,182,163 Total $ 38,182,163 true true false true true true true false false false false false false false false true false true SCHEDULE E, PART I, LINE 3: THE ORGANIZATION HAS NO ADVERTISING DIRECTLY TO STUDENTS. THE ORGANIZATION DISPLAYS THIS POLICY IN ITS CATALOGUE AND ON REGISTRATION MATERIALS. SCHEDULE E, PART I, LINE 6: LENOIR-RHYNE UNIVERSITY STUDENTS RECEIVE A VARIETY OF FEDERAL AND STATE GRANTS AND LOANS, INCLUDING BUT NOT LIMITED TO, DIRECT LOANS, PELL GRANTS, AND NORTH CAROLINA NEED-BASED SCHOLARSHIP PROGRAMS. true Scholarships & Fellowships to Undergrad Students 1387 36944899 Scholarships & Fellowships to Graduate Students 498 1237264 SCHEDULE I, PART I, LINE 2: GRANTS ARE AWARDED TO STUDENTS BASED UPON THE CRITERIA ESTABLISHED WITH EACH GRANT. FINANCIAL AID PERSONNEL MONITOR EACH GRANT ALONG WITH THE TOTAL AID RECEIVED BY EACH STUDENT TO ENSURE THAT INDIVIDUALS AS WELL AS COLLECTIVE AWARDS ARE WITHIN THE GUIDELINES ESTABLISHED BY STATE AND FEDERAL GOVERNMENTAL AGENCIES. X X X true true false false false false false false false DR FREDERICK K WHITT PRESIDENT 412749 0 0 0 3048 0 68300 0 16203 0 500300 0 0 0 JEREMY SHREVE VP BUSINESS & FINANCE 190852 0 0 0 216 0 12140 0 25308 0 228516 0 0 0 GARY C JOHNSON PROFESSOR 203176 0 0 0 1032 0 12360 0 8719 0 225287 0 0 0 CATHERINE NIEKRO VP INSTITUTIONAL ADVANCEMENT 188635 0 0 0 360 0 11753 0 20322 0 221070 0 0 0 RACHEL NICHOLS VP ENROLLMENT 88345 0 79999 0 230 0 5554 0 10890 0 185018 0 0 0 AVERY STALEY VICE PRESIDENT OF DEI 162750 0 0 0 552 0 9765 0 0 0 173067 0 0 0 CRAIG SCHREIBER DEAN OF THE CHARLES SNIPES COL 144042 0 0 0 513 0 8812 0 8719 0 162086 0 0 0 JENNIFER BURRIS PROVOST 133423 0 5000 0 276 0 6600 0 9328 0 154627 0 0 0 KIMBERLY PATE VP ATHLETICS 119341 0 0 0 360 0 7806 0 24585 0 152092 0 0 0 MICHAEL R JACOBS HEAD FOOTBALL COACH 122563 0 5000 0 0 0 7765 0 15547 0 150875 0 0 0 Schedule J, PART I, LINE 4A: Rachel Nichols received severance pay of $79,999. Schedule J, PART I, LINE 4B: PART II COLUMN C INCLUDES $30,000 CONTRIBUTION TO 457(F) NONQUALIFIED PLAN FOR FREDERICK K. WHITT. A Public Finance Authority 273866124 74443DHY0 2022-07-14 52294586 Refinance existing debt & fund cap false false false A 0 0 52294586 0 0 0 803576 0 0 1918858 32656010 0 2022 true false true true A false false false false 0 true false false false A false true false 0 false false false 0 false false A true Schedule K, Part I: Issuer Name: Lenoir-Rhyne University Date Issued: 10/01/2014 Description: This bond was paid off on 07/14/2022 and has been removed from Schedule K accordingly. Issuer Name: NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY Date Issued: 12/17/2015 Description: This bond was paid off on 07/14/2022 and has been removed from Schedule K accordingly. Schedule K, Part I, Line A: Issuer Name: Public Finance Authority Name of Issue: Educational Facilities Rev. and Rev. Refunding Bonds (Lenoir-Rhyne University), Series 2022 Purpose: Proceeds from the issuance were used to REFUND PREVIOUS ISSUED BONDS AND TO FINANCE CAPITAL PROJECTS ON CAMPUS. X 23 956628 Fair Market Value X Hotel Rooms 1 17500 Donor's Estimate X Use of Vehicle 1 15600 Donor's Estimate X Food / Beverages 3 9500 Donor's Estimate X Use of Adventure Course 1 2000 Donor's Estimate false false false SCHEDULE M, PART I, COLUMN (B): THE NUMBER IN COLUMN B REFLECTS THE NUMBER OF CONTRIBUTORS. SCHEDULE M, PART I, LINE 33: MANAGEMENT RETAINS RECORDS OF EACH DONATION, INCLUDING THE DONOR NAME AND DESCRIPTION OF DONATION; HOWEVER, IT IS THE POLICY OF THE UNIVERSITY TO REFRAIN FROM RECORDING CONTRIBUTION REVENUE FOR MINIMAL DONATIONS. FORM 990, PART I, LINE 1: LENOIR-RHYNE UNIVERSITY PROVIDES PROGRAMS OF UNDERGRADUATE, GRADUATE AND CONTINUING STUDY COMMITTED TO THE LIBERAL ARTS AND SCIENCES. THE UNIVERSITY AWARDS BACHELORS AND MASTER DEGREES. FORM 990, PART VI, SECTION A, LINE 2: HICKORY IS A RELATIVELY SMALL TOWN, AND MANY MEMBERS ON THE BOARD (OR A FAMILY MEMBER) OPERATE A BUSINESS IN TOWN THAT OTHERS MAY PATRONIZE IN THE NORMAL COURSE OF BUSINESS. SPECIFICALLY, LENOIR-RHYNE UNIVERSITY HAS A BUSINESS RELATIONSHIP WITH CUSTOM DESIGN GROUP, THE COMPANY OF DEWYONE KING, TRUSTEE. FORM 990, PART VI, SECTION A, LINE 3: THE UNIVERSITY HAS FOUR SIGNIFICANT MANAGEMENT CONTRACTS WITH OUTSIDE SERVICE PROVIDERS. THESE INCLUDE MANAGEMENT (ARAMARK), DINING SERVICES (ARAMARK), BOOKSTORE OPERATIONS (FOLLETT HIGHER EDUCATION GROUP), AND IT OPERATIONS (ELLUCIAN CO., LP). IN ALL OF THESE INSTANCES THE UNIVERSITY HAS A DETAILED CONTRACT WITH THE VENDOR THAT CLEARLY DELINEATES THE AUTHORITY THESE ORGANIZATIONS AND THEIR EMPLOYEES HAVE TO PROVIDE MANAGEMENT AND OTHER SERVICES. FORM 990, PART VI, SECTION A, LINE 7A: THE MEMBERS OF THE BOARD OF TRUSTEES ARE ELECTED BY THE ORGANIZATION'S GOVERNING BODY WITH THE EXCEPTION OF THE BISHOP OF THE NC SYNOD. THE BISHOP OF THE NC SYNOD IS ELECTED BY THE DELEGATES TO THE SYNOD CONVENTION AND HE/SHE HOLDS AN EX-OFFICIO VOTING POSITION ON THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 11B: THE 990 IS REVIEWED BY THE BUSINESS OFFICE STAFF. THEN IT IS REVIEWED BY THE AUDIT COMMITTEE. THE 990 IS THEN PROVIDED DIGITALLY TO THE BOARD OF TRUSTEES FOR REVIEW PRIOR TO BEING FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C: THE CHAIR OF THE BOARD OF TRUSTEES AND THE PRESIDENT OF THE UNIVERSITY REQUEST THAT ALL TRUSTEES, OFFICERS, SENIOR MANAGERS AND DEPARTMENT MANAGERS REVIEW THE CONFLICT OF INTEREST POLICY AND COMPLETE THE DISCLOSURE FORM ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15: THE EXECUTIVE COMMITTEE OF THE BOARD CONDUCTS AN ANNUAL PERFORMANCE APPRAISAL OF THE PRESIDENT. THIS COMMITTEE THEN APPROVES CHANGES IN COMPENSATION AND/OR THE EMPLOYMENT CONTRACT OF THE PRESIDENT BASED ON A REVIEW OF HISTORICAL COMPENSATION DATA COMPILED REGARDING THE COMPENSATION OF THE PRESIDENTS OF SIMILAR ORGANIZATIONS IN NORTH CAROLINA AND THROUGHOUT THE UNITED STATES. FORM 990, PART VI, SECTION C, LINE 19: FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART VII, SECTION A, COLUMN F: THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN COLUMN F, PART VII AND IS NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. FORM 990, PART XI, LINE 9: GAIN ON INTEREST RATE SWAP 259,947 CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS (139,818) TOTAL TO FORM 990, PART XI, LINE 9 120,129 FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE'S PROCESS OF OVERSIGHT AND SELECTION HAS NOT CHANGED SINCE PRIOR YEAR. REESE HOLDINGS LLC PO BOX 7164 HICKORY NC 28603 560556753 Holding Co NC 0 0 L-R UNIV SCHEDULE R, PART I, IDENTIFICATION OF DISREGARDED ENTITIES: NAME: REESE HOLDINGS, LLC PRIMARY ACTIVITY: HOLDING OF CONTRIBUTED REAL ESTATE. DIRECT CONTROLLING ENTITY: LENOIR-RHYNE UNIVERSITY.