Gardner-Webb University: FY2021 Nonprofit Profile & Form 990 (EIN 56-0529972)

Revenue by fiscal year
FY2021	$101.0M
FY2022	$103.1M
FY2023	$97.3M
FY2024	$101.9M
FY2025	$107.7M

Expenses by fiscal year
FY2021	$95.3M
FY2022	$98.8M
FY2023	$99.3M
FY2024	$99.9M
FY2025	$103.4M

Net assets by fiscal year
FY2021	$131.5M
FY2022	$122.9M
FY2023	$126.0M
FY2024	$134.1M
FY2025	$136.8M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2000.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

88 cents of each dollar spent went to programs.

88%

Program services 88% · $84.1M Management & general 11% · $10.6M Fundraising 1% · $648K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

46 people listed on the 990; $1.7M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII

William M Downs

President

$365,112Pt VII · Sec A

James Craft

Head Men's Basketball Coach

$193,113Pt VII · Sec A

Arnold F Bonner

Former President

$176,796Pt VII · Sec A

Prince Bull

Professor/Dean of School of Educ.

$168,365Pt VII · Sec A

Mike W Hardin

Senior VP for Administration

$162,212Pt VII · Sec A

Benjamin C Leslie

Provost & EVP

$158,679Pt VII · Sec A

Anthony Negbenebor

Professor

$156,488Pt VII · Sec A

Ami Steele

PA Program Director

$154,402Pt VII · Sec A

William M Downs’s $492K as President (thru 2/2025) is at the 37th percentile of top reported officer pay among 674 $100M+ education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021
William M Downs	$492,372	$511,876	$433,746	$363,677	$365,112
Andrew Goodrich	$198,264	$207,981	—	—	—
James Craft	—	$204,362	$185,208	$190,613	$193,113
Karen Aubrey	$201,570	$197,435	—	—	—
Prince Hycy Bull	$194,276	—	—	—	—
Christopher Reisert	$187,242	—	—	—	—
Nathaniel Evans	$161,223	—	$182,043	—	—
Prince Bull	—	—	$179,564	$168,832	$168,365

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers undergraduate and graduate education grounded in liberal arts, preparing students for professions and life.

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Provided by the organization

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1 program · $84.1M · in their own filed words · FY2020

01

The primary goal of gardner-webb university is to provide education to students. The university offers undergraduate, graduate and doctoral degrees. The university enrolled approximately 4,274 students during 2020-2021 and awarded approximately $32m in scholarships and tuition assistance.

$84.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Margaret B Vann Charitable TrustFY2025$18K

Folds of Honor FoundationFY2025$17K

Total grants receivedfrom 2 funders$35K

Grants paid · 7 grants · $14.1M · 2020–2024

Unitemized GrantFY2024$2,169,865

Unitemized GrantFY2023$1,830,770

Unitemized GrantFY2022$1,755,327

Unitemized GrantFY2021$2,948,272

Unitemized GrantFY2021$1,689,236

Unitemized GrantFY2020$2,117,425

Unitemized GrantFY2020$1,593,755

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$101.0M

Ln 12

Fees for servicesLn 2g$88.2M

Gifts and grantsLn 1h$7.5M

Investment incomeLn 3$5.3M

Money outPt IX

$95.3M

Ln 25

Programscol B$84.1M

Managementcol C$10.6M

Fundraisingcol D$648K

Owns and owesPt X

$131.5M

net assets · Ln 32

Cash and savingsLn 1–2$23.0M

Total assetsLn 16$163.5M

LiabilitiesLn 26$32.0M

PeoplePt VI, VII

46

listed · VII A

PaidVII A9

Voting boardVI 1a37

IndependentVI 1b37

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$7.5M

Government grantsLn 1e$3.7M

Noncash giftsLn 1g$56K

Fees for servicesLn 2g$88.2M

Investment incomeLn 3$5.3M

Gains on assetsLn 7$4.0M

Total revenueLn 12$101.0M

Assets in detailPt X, end of year

SavingsLn 2$23.0M

Cash and savings togetherLn 1–2$23.0M

InvestmentsLn 11–13$78.1M

Land, buildings, equipmentLn 10c$53.0M

Other assetsLn 15$385K

Total assetsLn 16$163.5M

LiabilitiesLn 26$32.0M

Net assetsLn 32$131.5M

OperationsPt I, VI

EmployeesI 51,241

VolunteersI 621

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$22.8M	$23.0M
InvestmentsLn 11–13	$63.9M	$78.1M
Land, buildings, equipmentLn 10c	$54.0M	$53.0M
Total assetsLn 16	$150.4M	$163.5M
LiabilitiesLn 26	$34.7M	$32.0M
Net assetsLn 32	$115.7M	$131.5M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic individualsLn 2	$34.4M	$34.4M
Pay of current officers, directors and key staffLn 5	$695K		$695K
Other salaries and wagesLn 7	$27.4M	$23.3M	$3.8M	$307K
Pension plan contributionsLn 8	$1.1M	$900K	$142K	$12K
Other employee benefitsLn 9	$3.5M	$2.9M	$525K	$38K
Payroll taxesLn 10	$2.0M	$1.7M	$314K	$22K
Legal feesLn 11b	$60K		$60K
Accounting feesLn 11c	$55K		$55K
Investment management feesLn 11f	$301K		$301K
Other fees for servicesLn 11g	$350K	$57K	$294K
Advertising and promotionLn 12	$2.2M	$713K	$1.5M
Office expensesLn 13	$1.0M	$792K	$243K
Information technologyLn 14	$949K	$87K	$862K
OccupancyLn 16	$2.4M	$2.3M	$33K	$15K
TravelLn 17	$843K	$812K	$31K
Conferences, conventions and meetingsLn 19	$804K	$426K	$379K
InterestLn 20	$1.1M	$943K	$90K	$90K
Depreciation, depletion and amortizationLn 22	$4.3M	$4.2M	$59K	$26K
InsuranceLn 23	$723K	$42K	$681K
Other expenses (24a–d)Ln 24	$11.2M	$10.5M	$534K	$138K
Total functional expensesLn 25	$95.3M	$84.1M	$10.6M	$648K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$107.7M	$103.4M	$4.4M	$136.8M	990 PDF
FY2024	$101.9M	$99.9M	$2.0M	$134.1M	990 PDF
FY2023	$97.3M	$99.3M	−$1.9M	$126.0M	990 PDF
FY2022	$103.1M	$98.8M	$4.3M	$122.9M	990 PDF
FY2021 Viewing	$101.0M	$95.3M	$5.7M	$131.5M	990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

See the full FY2021 990 (6 parts)

Part I · Summary $100,956,877 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $8,528,407$7,471,898

I-9 Program service revenuePrior year $84,575,897$88,212,144

I-10 Investment incomePrior year −$1,657,533$5,277,327

I-11 Other revenuePrior year $11,815−$4,492

I-12 Total revenuePrior year $91,458,586$100,956,877

I-13 Grants and similar amounts paidPrior year $31,995,281$34,405,267

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $35,710,198$34,593,999

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $26,799,828$26,284,637

I-18 Total expensesPrior year $94,505,307$95,283,903

I-19 Revenue less expensesPrior year −$3,046,721$5,672,974

Part VI · Governance 37 of 37 board members independent, 1 to look at

VI-1a Voting members of the governing body37

VI-1b Independent voting members37

VI-2 Family or business relationship among officers or directorsYes

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $100,956,877 across 9 lines filed

VIII-1e Government grants$3,748,765

VIII-1f All other contributions, gifts and grants$3,723,133

VIII-1g Noncash contributions (included above)$55,569

VIII-1h Total contributions, gifts and grants$7,471,898

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $88,212,144$88,212,144

VIII-3 Investment incomeExcluded from tax $1,267,939$1,267,939

VIII-6 Net rental income or lossUnrelated business −$4,492−$4,492

VIII-7 Net gain or loss on sales of assetsExcluded from tax $4,009,388$4,009,388

VIII-12 Total revenueRelated to mission $88,212,144 · Unrelated business −$4,492 · Excluded from tax $5,277,327$100,956,877

Part IX · Statement of functional expenses $95,283,903 across 20 lines filed

IX-2 Grants to domestic individualsPrograms $34,405,267$34,405,267

IX-5 Pay of current officers, directors and key staffManagement $695,167$695,167

IX-7 Other salaries and wagesPrograms $23,286,623 · Management $3,779,660 · Fundraising $307,304$27,373,587

IX-8 Pension plan contributionsPrograms $900,437 · Management $141,586 · Fundraising $11,883$1,053,906

IX-9 Other employee benefitsPrograms $2,915,911 · Management $525,418 · Fundraising $38,480$3,479,809

IX-10 Payroll taxesPrograms $1,655,592 · Management $314,090 · Fundraising $21,848$1,991,530

IX-11b Legal feesManagement $59,732$59,732

IX-11c Accounting feesManagement $55,234$55,234

IX-11f Investment management feesManagement $301,307$301,307

IX-11g Other fees for servicesPrograms $56,656 · Management $293,636$350,292

IX-12 Advertising and promotionPrograms $713,405 · Management $1,486,895$2,200,300

IX-13 Office expensesPrograms $791,865 · Management $243,167$1,035,032

IX-14 Information technologyPrograms $87,467 · Management $861,583$949,050

IX-16 OccupancyPrograms $2,336,968 · Management $32,663 · Fundraising $14,630$2,384,261

IX-17 TravelPrograms $812,060 · Management $31,132$843,192

IX-19 Conferences, conventions and meetingsPrograms $425,578 · Management $378,731$804,309

IX-20 InterestPrograms $943,394 · Management $89,911 · Fundraising $89,711$1,123,016

IX-22 Depreciation, depletion and amortizationPrograms $4,219,391 · Management $58,974 · Fundraising $26,415$4,304,780

IX-23 InsurancePrograms $41,758 · Management $681,326$723,084

IX-24 Other expenses (24a–d)Programs $10,478,572 · Management $534,438 · Fundraising $138,038$11,151,048

IX-25 Total functional expensesPrograms $84,070,944 · Management $10,564,650 · Fundraising $648,309$95,283,903

Part X · Balance sheet $163,499,840 assets, 20 lines filed

X-2 Savings and temporary cash investmentsStart of year $22,755,599$23,028,617

X-3 Pledges and grants receivableStart of year $6,017,840$5,716,253

X-4 Accounts receivableStart of year $1,682,673$1,728,761

X-8 Inventories for sale or useStart of year $583,149$393,853

X-9 Prepaid expenses and deferred chargesStart of year $952,142$1,067,753

X-10c Land, buildings and equipment, netStart of year $54,047,121$53,048,724

X-11 Publicly traded securitiesStart of year $57,641,273$68,248,986

X-12 Other securitiesStart of year $4,192,103$7,839,712

X-13 Program-related investmentsStart of year $2,094,603$2,042,035

X-15 Other assetsStart of year $405,483$385,146

X-16 Total assetsStart of year $150,371,986$163,499,840

X-17 Accounts payable and accrued expensesStart of year $3,867,915$3,883,851

X-19 Deferred revenueStart of year $5,130,583$3,974,909

X-20 Tax-exempt bond liabilitiesStart of year $23,678,511$22,377,649

X-25 Other liabilitiesStart of year $1,929,649$1,636,047

X-26 Total liabilitiesStart of year $34,704,018$31,984,806

X-27 Net assets without donor restrictionsStart of year $51,266,999$54,200,171

X-28 Net assets with donor restrictionsStart of year $64,400,969$77,314,863

X-32 Total net assets or fund balancesStart of year $115,667,968$131,515,034

X-33 Total liabilities and net assetsStart of year $150,371,986$163,499,840

Part XI · Reconciliation of net assets $131,515,034 net assets at year end

XI-1 Total revenue$100,956,877

XI-2 Total expenses$95,283,903

XI-3 Revenue less expenses$5,672,974

XI-4 Net assets at start of year$115,667,968

XI-5 Net unrealized gains (losses) on investments$10,195,749

XI-9 Other changes in net assets−$21,657

XI-10 Net assets at end of year$131,515,034

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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Gardner-Webb University FY2021 filing

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