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← FREED-HARDEMAN UNIVERSITY

Form 990 for tax year 2024

Filed by FREED-HARDEMAN UNIVERSITY.

Totals

Total revenue
$78,463,666
Total expenses
$60,067,649
Contributions and grants received
$22,373,789
Grants paid
$17,850,510
Program service revenue
$48,744,959
Investment income
$7,621,817
Other revenue
-$276,899
Total assets, end of year
$236,190,303
Total liabilities, end of year
$46,763,596
Net assets or fund balances, end of year
$189,426,707
Program services expenses (Part IX)
$56,183,937
Management and general expenses
$3,883,712
Fundraising expenses
$0
Program service expenses (Part III)
$56,183,937

Program services were 93.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $525,243

  • 1e · Government grants (contributions)

    $535,771

  • 1f · All other contributions, gifts and grants

    $21,312,775

  • 2a · Program service revenue: TUITION & FEES

    total $35,327,780 · related or exempt $35,327,780

  • 2b · Program service revenue: AUXILIARY ENTERPRISES

    total $11,325,540 · related or exempt $10,928,016 · unrelated business $397,524

  • 2c · Program service revenue: OTHER SOURCES

    total $2,091,639 · related or exempt $2,091,639

  • 3 · Investment income

    total $2,471,816 · excluded $2,471,816

  • 7a · Gross sales of assets other than inventory

    securities $5,139,429 · other assets $10,572

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $5,139,429 · other assets $10,572

  • 7d · Net gain or loss

    total $5,150,001 · excluded $5,150,001

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $525,243

  • 8b · Fundraising events: direct expenses

    $276,899

  • 8c · Net income from fundraising events

    total -$276,899 · excluded -$276,899

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $17,850,510 · program services $17,850,510

  • 5 · Compensation of officers, directors and key employees

    total $956,609 · program services $956,609

  • 7 · Other salaries and wages

    total $14,914,559 · program services $13,483,723 · management and general $1,430,836

  • 9 · Other employee benefits

    total $3,669,942 · program services $3,339,085 · management and general $330,857

  • 11g · Fees: other

    total $4,165,721 · program services $3,790,168 · management and general $375,553

  • 12 · Advertising and promotion

    total $668,148 · program services $555,173 · management and general $112,975

  • 13 · Office expenses

    total $3,372,896 · program services $3,068,819 · management and general $304,077

  • 14 · Information technology

    total $1,227,413 · program services $1,116,758 · management and general $110,655

  • 17 · Travel

    total $1,892,079 · program services $1,721,502 · management and general $170,577

  • 20 · Interest

    total $1,358,375 · program services $1,235,913 · management and general $122,462

  • 22 · Depreciation, depletion and amortization

    total $3,037,671 · program services $2,763,815 · management and general $273,856

  • 24a · Other expenses: OPERATION & MAINTENANCE

    total $4,028,474 · program services $3,665,294 · management and general $363,180

  • 24b · Other expenses: OTHER EXPENSES

    total $2,307,816 · program services $2,074,796 · management and general $233,020

  • 24c · Other expenses: EVENTS

    total $617,436 · program services $561,772 · management and general $55,664

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,272,850 · end of year $6,716,594

  • 3 · Pledges and grants receivable

    beginning of year $9,000 · end of year $3,000

  • 4 · Accounts receivable

    beginning of year $1,860,212 · end of year $1,971,379

  • 7 · Other notes and loans receivable

    beginning of year $135,203 · end of year $102,641

  • 8 · Inventories for sale or use

    beginning of year $93,757 · end of year $137,694

  • 9 · Prepaid expenses and deferred charges

    beginning of year $848,156 · end of year $1,080,886

  • 10a · Land, buildings and equipment: cost or other basis

    $137,034,958

  • 10b · Land, buildings and equipment: accumulated depreciation

    $47,391,867

  • 10c · Land, buildings and equipment, net

    beginning of year $73,733,014 · end of year $89,643,091

  • 11 · Investments: publicly traded securities

    beginning of year $94,262,858 · end of year $106,566,493

  • 12 · Investments: other securities

    beginning of year $25,155,905 · end of year $29,394,723

  • 15 · Other assets

    beginning of year $1,005,330 · end of year $573,802

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,840,325 · end of year $2,772,598

  • 19 · Deferred revenue

    beginning of year $1,337,689 · end of year $1,566,661

  • 20 · Tax-exempt bond liabilities

    beginning of year $23,567,058 · end of year $30,779,970

  • 23 · Secured mortgages and notes payable

    beginning of year $2,047,997 · end of year $1,794,182

  • 25 · Other liabilities

    beginning of year $7,794,682 · end of year $9,850,185

  • 27 · Net assets without donor restrictions

    beginning of year $66,052,220 · end of year $91,278,497

  • 28 · Net assets with donor restrictions

    beginning of year $106,736,314 · end of year $98,148,210

Mission and programs · 2024

Mission

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.

  • 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.

    Expenses $56,183,937 · Grants $17,850,510 · Revenue $48,347,435

As filed on the 2024 return.

Listed in Part VII

  • STEVE BAGGETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KYLE BATTE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • KATHERINE L BENNETT

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LARRY W BLOOMINGBURG

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAYLA CALENDINE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TERRY CREWS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN DEBERRY JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JOHN DODD

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • JAY T DRYDEN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • STEVE ESTES

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • THOMAS GUMM

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR MATT GUY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CHRIS A HALLMARK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JEFF JENKINS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • LEE JOHNSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR DALE E JONES

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • SCOTT LATHAM

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JOHN T LAW

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JAMES LEONARD

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • GARY MASSEY JR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR BILL MORGAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MARK NEWBY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DR LYNN PATTERSON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • BRETT L PHARR

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • NATHAN B PRIDE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • JANA RUCKER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • MYNONNE TATE

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • PEGGY TIDWELL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TONY WILLIAMS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TED H WILLIAMS

    IMMEDIATE PAST CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • GREGG A WOODALL

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • CURT ZONDERVAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • DAVID R SHANNON

    PRESIDENT

    Total calculated
    $327,534
    From this org
    $307,458
    From related orgs
    $0
    Other
    $20,076
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $307,458
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $307,458

  • JASON BRASHIER

    VICE PRESIDENT FOR FINANCE

    Total calculated
    $181,401
    From this org
    $161,090
    From related orgs
    $0
    Other
    $20,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,090
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $161,090

  • LEANN DAVIS

    VICE PRESIDENT FOR ACADEMICS

    Total calculated
    $173,663
    From this org
    $152,838
    From related orgs
    $0
    Other
    $20,825
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,838
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,838

  • DAVID CLOUSE

    SENIOR VICE PRESIDENT

    Total calculated
    $167,791
    From this org
    $151,816
    From related orgs
    $0
    Other
    $15,975
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,816
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $151,816

  • TOMMIE KIRK

    VP FOR STUDENT SERVICES

    Total calculated
    $106,220
    From this org
    $102,160
    From related orgs
    $0
    Other
    $4,060
    Hours/week
    40

  • JERRY A SATTERFIELD

    CHIEF INVESTMENT OFFICER

    Total calculated
    $154,500
    From this org
    $143,396
    From related orgs
    $0
    Other
    $11,104
    Hours/week
    40

  • STEPHEN MARVIN

    PROFESSOR

    Total calculated
    $151,212
    From this org
    $132,159
    From related orgs
    $0
    Other
    $19,053
    Hours/week
    40

  • BRANDON LANCILOTI

    ASSOCIATE PROFESSOR

    Total calculated
    $139,067
    From this org
    $119,532
    From related orgs
    $0
    Other
    $19,535
    Hours/week
    40

  • HIBBETT LEE

    PROFESSOR

    Total calculated
    $130,264
    From this org
    $111,426
    From related orgs
    $0
    Other
    $18,838
    Hours/week
    40

  • SHAREN CYPRESS

    PROFESSOR

    Total calculated
    $123,102
    From this org
    $113,177
    From related orgs
    $0
    Other
    $9,925
    Hours/week
    40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
8 June 2026
IRS schema version
2024v5.5
Source object
202601599349300730

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