2026-07-13T08:17:12-05:00 2025-06-30 882730877 CHERRY BEKAERT ADVISORY LLC 110 EAST COURT STREET SUITE 500 GREENVILLE SC 29601 990 2024-07-01 570314402 LIMESTONE UNIVERSITY LIME 8007957151 1115 COLLEGE DRIVE GAFFNEY SC 29340 LEE SOWELL CHAIRMAN OF THE BOARD 8007957151 2026-06-25 1 1 MELANIE MCPEAK P01346034 8642333981 2024 2025-03-06 01:10:19Z LEE SOWELL 1115 COLLEGE DRIVE GAFFNEY SC 29340 46519696 0 X WWW.LIMESTONE.EDU X 1845 SC ESTABLISHED IN 1845, LIMESTONE UNIVERSITY WAS A FOUR-YEAR LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. DUE TO SIGNIFICANT FINANCIAL DIFFICULTIES, THE BOARD OF TRUSTEES VOTED ON APRIL 29, 2025 TO CLOSE THE COLLEGE, LETTING GO ALL EMPLOYEE AS OF MAY 31, 2025. 12 12 782 12 0 0 2365408 1487417 39747482 40087420 4843321 4842621 78607 102238 47034818 46519696 14702169 14738535 0 0 19684305 19589494 0 0 476427 18594424 23254336 52980898 57582365 -5946080 -11062669 61048330 49593089 36218414 35825842 24829916 13767247 X ESTABLISHED IN 1845, LIMESTONE UNIVERSITY WAS A FOUR-YEAR LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. DUE TO SIGNIFICANT FINANCIAL DIFFICULTIES, THE BOARD OF TRUSTEES VOTED ON APRIL 29, 2025 TO CLOSE THE COLLEGE, LETTING GO ALL EMPLOYEE AS OF MAY 31, 2025. 0 1 43556295 14738535 40087420 LIMESTONE UNIVERSITY PROVIDED POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,150 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES. 43556295 1 1 0 0 0 0 0 1 0 1 1 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 782 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 1 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 SC X LEE SOWELL 8644897151 1115 COLLEGE DRIVE GAFFNEY SC 29340 RANDALL RICHARDSON CHAIR 0.25 0.00 X X 0 0 0 LEE SOWELL VICE CHAIR 1.00 0.00 X X 0 0 0 JULIA BASS BOARD MEMBER 0.25 0.00 X 0 0 0 BRIAN BAUER BOARD MEMBER 0.25 0.00 X 0 0 0 REED BROWN BOARD MEMBER 0.25 0.00 X 0 0 0 CROSSIE COX BOARD MEMBER 0.25 0.00 X 0 0 0 SUSAN HINES BOARD MEMBER 0.25 0.00 X 0 0 0 JULIE LOWRY BOARD MEMBER 0.25 0.00 X 0 0 0 DON PULLUM BOARD MEMBER 0.25 0.00 X 0 0 0 KRIS BONOCORE BOARD MEMBER 0.25 0.00 X 0 0 0 TREY STILL BOARD MEMBER 0.25 0.00 X 0 0 0 JOE SULLIVAN BOARD MEMBER 0.25 0.00 X 0 0 0 MIKE DANIEL BOARD MEMBER (THRU 4/1/25) 0.25 0.00 X 0 0 0 TONY FISHER BOARD MEMBER (THRU 5/12/25) 0.25 0.00 X 0 0 0 GIGI HAMRICK BOARD MEMBER (THRU 4/30/25) 0.25 0.00 X 0 0 0 RICK JIRAN BOARD MEMBER (THRU 5/22/25) 0.25 0.00 X 0 0 0 RAHUL MEHRA BOARD MEMBER (THRU 5/11/25) 0.25 0.00 X 0 0 0 CHELSEA MCCOY BOARD MEMBER (THRU 5/12/25) 0.25 0.00 X 0 0 0 GENE MOORHEAD BOARD MEMBER (THRU 5/29/25) 0.25 0.00 X 0 0 0 HARMONY NODA BOARD MEMBER (THRU 4/2/25) 0.25 0.00 X 0 0 0 PHIL ORR BOARD MEMBER (THRU 6/30/25) 0.25 0.00 X 0 0 0 TIERNEY ROLLINS BOARD MEMBER (THRU 5/12/25) 0.25 0.00 X 0 0 0 BRIAN RUSSELL BOARD MEMBER (THRU 11/12/24) 0.25 0.00 X 0 0 0 DAVID SCOTT BELLAMY DEAN 40.00 0.00 X 146000 0 4820 JEREMY WHITAKER CFO 40.00 0.00 X 235596 0 8375 NATHAN COPELAND PRESIDENT 40.00 0.00 X 245469 0 11753 STACY ALDRICH VP FOR INSTITUTIONAL ADVANCEMENT 40.00 0.00 X 222773 0 8084 JERICHO COTCHERY FOOTBALL COACH 40.00 0.00 X 131667 0 0 ANDREW ENGLISH DIRECTOR INSTITUTIONAL EFFECTIVENESS 40.00 0.00 X 125000 0 4175 BRIAN AMELING INTERIM PROVOST 40.00 0.00 X 150000 0 5878 TRAVIS MCDOWELL VP OF ENROLLMENT 40.00 0.00 X 121193 0 4605 BRANDAN HARTMAN CHIEF OF STAFF 40.00 0.00 X 107027 0 4421 1484725 0 52111 15 0 1 0 0 492963 994454 1487417 TUITION AND FEES 611310 33644008 33644008 AUXILIARY - BOOKSTORE 611310 3993785 3993785 AUXILIARY - OTHER 611310 1713980 1713980 AUXILIARY - ROOM AND BOARD 611310 710948 710948 SUMMER CAMPS 611310 24699 24699 40087420 117331 117331 102238 0 102238 102238 102238 4725070 220 0 0 4725070 220 4725290 4725290 46519696 40087420 0 4944859 14738535 14738535 604729 514019 84662 6048 15839965 12695360 3039642 104963 328083 259952 68131 1552443 1246685 305758 1264274 1015272 249002 517627 517627 107858 107858 195725 195725 741393 595374 146019 860869 568182 286049 6638 1318841 1318841 2085766 1760854 324912 2357225 1892963 457272 6990 1429321 1429321 2475000 2178000 297000 1849542 931899 917643 AUXILIARY EXPENSES 2364636 2364636 BAD DEBT 550000 484000 66000 UNIFORMS 525582 422067 103515 BOOKSTORE EXPENSES 262500 262500 5612451 1430272 3830391 351788 57582365 43556295 13549643 476427 41423 1291482 3503278 0 761523 727343 1655189 959825 35368 291741 2318 60397 85410787 41696984 46188803 43713803 7545403 1681569 1315025 866929 61048330 49593089 1751844 2403777 2281834 2098849 31241751 30442553 942985 880663 36218414 35825842 X 4262787 -6923347 20567129 20690594 24829916 13767247 61048330 49593089 -11062669 0 X 0 0 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X 0 9158633 270004 4782265 13490737 720165 12654099 605927 2290339 1706822 4684910 9158633 22481415 477003 2396847 3173192 9527974 12654099 31505216 556835 -1970719 1596042 6013875 22481415 25726429 380056 7566750 2168019 31505216 0.00000 1.00000 0.00000 0 0 178177 178177 66060440 29998022 36062418 8475949 2592534 5883415 10696221 9106428 1589793 43713803 CAPITAL LEASES PAYABLE 205204 OPERATING LEASE PAYABLE 675459 880663 PART III, LINE 4: THE UNIVERSITY'S COLLECTIONS WERE MADE UP OF LIBRARY BOOKS, ARTIFACTS OF HISTORICAL SIGNIFICANCE AND ART OBJECTS. IF PURCHASED, ITEMS ACCESSIONED INTO THE COLLECTION ARE CAPITALIZED AT COST, AND IF DONATED, THEY ARE CAPITALIZED AT THEIR APPRAISED VALUE OR FAIR VALUE AS OF THE DATES ON WHICH THE ITEMS ARE ACCEPTED BY THE UNIVERSITY. PART V, LINE 4: THE UNIVERSITY'S ENDOWMENT CONSISTED OF APPROXIMATELY 181 INDIVIDUAL FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES INCLUDING BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF TRUSTEES TO FUNCTION AS ENDOWMENTS. ENDOWMENT FUNDS ARE AVAILABLE FOR SCHOLARSHIPS, BUILDING MAINTENANCE AND OTHER OPERATIONAL NEEDS OF THE UNIVERSITY DEPENDING ON THE SPECIFIC FUND. THE PERCENTAGE REPORTED FOR PERMANENT ENDOWMENTS INCLUDES AMOUNTS THAT MUST BE MAINTAINED IN PERPETUITY AS WELL AS ACCUMULATED EARNINGS ON SUCH AMOUNTS THAT HAVE NOT YET BEEN APPROPRIATED FOR EXPENDITURE. AFTER THE FISCAL YEAR ENDING 6/30/2025 THE FUNDS WERE ALL TRANSFERRED TO A RESTRICTED BANK ACCOUNT WHILE THE UNIVERSITY FINALIZES SHUTTING DOWN OPERATIONS. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 LIMESTONE UNIVERSITY REAFFIRMS ITS COMPLIANCE WITH TITLE IX AND DID NOT DISCRIMINATE ON THE BASIS OF RACE, COLOR, NATIONALITY, ORIGIN, HANDICAP, OR SEX IN ADMISSIONS, EMPLOYMENT OR EDUCATIONAL PROGRAMS. LIMESTONE PUBLISHED ITS NONDISCRIMINATORY POLICY IN THE STUDENT CATALOG AND EMPLOYEE HANDBOOK. THIS INFORMATION WAS ALSO AVAILABLE ON THE UNIVERSITY'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE UNIVERSITY ACTED AS AN AGENT BETWEEN THE US DEPARTMENT OF EDUCATION, THE SOUTH CAROLINA DEPARTMENT OF REVENUE, AND LIMESTONE STUDENTS. THE COLLEGE RECEIVED FUNDS FROM THE GOVERNMENT AGENCIES AND APPLIED THE FUNDS DIRECTLY TO THE APPLICABLE STUDENT'S ACCOUNT. 1 GRANTS AND SCHOLARSHIPS 1147 14738535 TUITION RATES TUITION ASSISTANCE PART I, LINE 2: FINANCIAL AID GUIDELINES WERE UTILIZED TO DETERMINE THE QUALIFICATIONS OF EACH RECIPIENT. THE GUIDELINES WERE PUBLISHED IN LIMESTONE UNIVERSITY'S ACADEMIC CATALOG AND COMPLIED WITH ELIGIBILITY REQUIREMENTS PUBLISHED BY THE U.S. DEPARTMENT OF REVENUE. ANNUAL COMPLIANCE AUDITS WERE COMPLETED BY AN INDEPENDENT ACCOUNTING FIRM. AS FUNDS WERE RECEIVED, THEY WERE POSTED TO THE STUDENTS' ACCOUNTS. 0 0 0 0 0 0 0 0 0 NATHAN COPELAND PRESIDENT 192308 0 0 0 53161 0 11753 0 0 0 257222 0 0 0 JEREMY WHITAKER CFO 219996 0 0 0 15600 0 8375 0 0 0 243971 0 0 0 STACY ALDRICH VP FOR INSTITUTIONAL ADVANCEMENT 213173 0 0 0 9600 0 8084 0 0 0 230857 0 0 0 BRIAN AMELING INTERIM PROVOST 150000 0 0 0 0 0 5878 0 0 0 155878 0 0 0 DAVID SCOTT BELLAMY DEAN 146000 0 0 0 0 0 4820 0 0 0 150820 0 0 0 FORM 990, PART III, LINE 3 DUE TO SIGNIFICANT FINANCIAL DIFFICULTIES, THE BOARD OF TRUSTEES VOTED ON APRIL 29, 2025 TO CLOSE THE COLLEGE, LETTING GO ALL EMPLOYEE AS OF MAY 31, 2025. FORM 990, PART VI, SECTION A, LINE 3 AURORA MANAGEMENT PARTNERS WAS ENGAGED ON JUNE 6TH, 2025 TO MANAGE LIMESTONE'S AFFAIRS AFTER THE BOARD OF TRUSTEES ELECTED TO SHUT DOWN OPERATIONS. WHEN AURORA WAS ENGAGED, THERE WERE NO EMPLOYEES REMAINING IN THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION STOPPED OPERATIONS AND LAID OFF ALL EMPLOYEES. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS PRESENTED TO THE CHAIRMAN OF THE BOARD FOR REVIEW. A COPY OF THE RETURNS WERE MADE ACCESSIBLE TO BOARD MEMBERS. FOLLOWING PRESENTATION AND APPROVAL, THE RETURNS WERE SUBMITTED TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, A CONFLICT OF INTEREST QUESTIONNAIRE IS COMPLETED BY MEMBERS OF THE BOARD OF TRUSTEES AND REVIEWED FOR ANY NOTED CONFLICTS. TRUSTEES WHO HAVE NOTED A CONFLICT OF INTEREST RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE PERTAINING TO THAT SPECIFIC MATTER. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL: THE BOARD OF TRUSTEES REVIEWS THE PRESIDENT'S CONTRACT AND SETS THE COMPENSATION PACKAGE. AN ASSESSMENT OF THE PRESIDENT'S COMPENSATION PACKAGE IS MADE ANNUALLY BY THE PERSONNEL COMMITTEE. THE ASSESSMENT IS BASED UPON DATA COLLECTED FROM COLLEGES OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE DOCUMENTED IN THE COMMITTEE MINUTES. COMPENSATION PROCESS FOR TOP OFFICERS: THE FINANCE COMMITTEE DISCUSSES WITH MANAGEMENT EXECUTIVE-LEVEL MANAGEMENT HIRES. THE SETTING OF COMPENSATION AMOUNTS IS MADE BY MANAGEMENT AND IS BASED UPON COMPARABLE POSITIONS AT INSTITUTIONS OF SIMILAR SIZE AND DEMOGRAPHICS. THE DISCUSSIONS ARE RECORDED IN THE COMMITTEE MINUTES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.