2014 Welch College Annual Report

2014 Annual Report

WELCH COLLEGE

ANNUAL REPORT | 2014

Our Mission:

EDUCATING LEADERS TO SERVE CHRIST, HIS CHURCH, AND HIS WORLD THROUGH BIBLICAL THOUGHT AND LIFE.

23 welch.edu

President’s Report 2014 Quantitative Last year I told the delegates at the annual meeting of the National Association that Welch College was beginning to “turn the corner” in terms of its finances and enrollment. A year later, we are much more confident we are turning the corner.

Why do we think this? Here are the basic reasons: • We had a 24% increase in dormitory enrollment.

• We had an increase of 22% in income from tuition, room, and board.

These two enrollment-related increases are the largest since 1981, or 33

years (the furthest back we counted).

• Net income from tuition, room, and board were the highest since 2006-07.

• We had an increase in total income of 11.2%.

• We paid off $107,862 in long-term debt.

• We increased cash flows by $217,775.

President J. Matthew Pinson

• We increased our net worth by $2,429.

• We had an operational deficit of $80,283—a remarkable improvement over the previous three years ($225,475 in 2013, $318,214 in 2012, and $154,809 in 2011).

The obvious question is: What happened? If we had a 24% increase in dorm enrollment, and a 22% increase in income from tuition, room, and board, and an 11.2% increase in overall income, why did we have a deficit at all?

34 2014 Annual Report

We believe enrollment will gradually continue to increase.

The answer is simple: When we analyzed our financial situation in September, after a 33-year-record increase in fall enrollment and an increase in gifts over the summer, we decided not to cut the budget. This was the first time in my twelve years here that we made the decision not to cut the budget in early fall. Even when we reported to the Board of Trustees in December, gifts had continued to hold up through early December, and we still thought we were in a good place. Then, over the next several months, gifts sharply decreased, resulting in a nearly 15% downturn in annual fund giving. Furthermore, bequests, which have typically been around the $100,000 mark, came in at only $50,000. Thus, though we will have a deficit this year, this represents a different sort of problem than we have been having the past several years.

We believe enrollment will gradually continue to increase. Our anecdotal data says that much of the enrollment increase resulted from the name change.

(About one-fourth of the increase in dormitory enrollment resulted from the transfer of students from Gateway

Christian College, which I will discuss below.) We may not see a linear increase every year in enrollment. The economy and the changing face of Christian higher education are too precarious to expect that we will not experience ups and downs over the next few years. But I strongly believe we will experience a “stair-step� improvement in enrollment and financial gains over the next several years.

We experienced a setback in our relocation plans when Aquinas College withdrew its offer to purchase our West End campus after neighbors opposed the deal. However, our realtors continue to market the campus aggressively to residential developers in a real estate market that is improving somewhat from where it has been. We are waiting on the Lord to provide us with the right buyer in His timing. Please continue to pray for our efforts toward the relocation of our campus.

WE ARE WAITING ON THE LORD TO PROVIDE US WITH THE RIGHT BUYER IN HIS TIMING.

45 welch.edu

Qualitative In terms of our students and mission fulfillment, this was the best year at Welch in my twelve years as president. Here are the leading indicators:

62% of male students are preachers.

• Class attendance, chapel attendance, overall GPAs, and freshman-to-sopho- more retention are all the highest they have been.

• S tudents on academic probation and students experiencing disciplinary problems are at an all-time low.

• P articipation in Christian service, Wednesday evening Campus Church, and SpirituaLife groups has improved markedly.

• Th e percentage of male students who are preachers is extremely high: 52% of men on campus are preachers, and 62% of total men (on- campus, online, adult degree) are preachers.

• S tudent morale is high, and society participation and society sponsorship of social events on campus are the highest in my tenure here.

65 2014 Annual Report

In the spring of 2013, we were saddened to hear of the planned closure of Gateway Christian College, a Free Will Baptist school in Virginia Beach, Virginia. We reached out to their remaining students with a special teach-out agreement to allow them to complete their degrees at Welch College. We now have twelve students from Gateway and are expecting more next year.

We at Welch College have been praying for and working toward a campus community that would truly reach out to all Free Will Baptists, a place that is philosophically centrist enough that students from across our diverse denomination can feel equally at home, equally affirmed, equally welcomed and loved, feeling that they are getting a topnotch Christian higher education in a Free Will Baptist context.

That is what we have been praying for, hoping for, and attempting to create. And I am happy to say that we are there. We have students from across the spectrum of the Free Will Baptist denomination. Regardless of where they fall on that spectrum, our students are happy at Welch.

They feel at home. They love each other and are giving things up for the sake of community.

WE HAVE BEEN PRAYING FOR AND WORKING TOWARD A CAMPUS COMMUNITY THAT WOULD TRULY REACH OUT TO ALL FREE WILL BAPTISTS.

We are fulfilling the vision of denominational unity in our student body that we have been praying for and working toward. And that unity in our student body is symbolic of what I think will be more and more unity in our denomination, especially in the younger, millennial generation.

There are numerous other signs of qualitative growth and excellence: We continue to rank higher in U.S. News and World Report’s Best Colleges than many larger colleges and universities that have many times over the financial resources we have.

67 welch.edu

We are one of only a handful of institutions from the Bible college movement ranked in this publication.

For the second time in a row, we were named a Certified Best Christian Workplace by the Best Christian Workplaces Institute, for which we received a public commendation at the annual meeting of the Association for Biblical Higher Education, our Bible college accrediting organization.

Other measures of qualitative growth and excellence include: • H igher scores on the Noel-Levitz Student Satisfaction Inventory, in which 88% of students said the college met their expectations (compared with a national average of 84%) and 67% said the college exceeded their expectations (compared with a national average of 53%).

• R ave reviews from the Board of Examiners of the Tennessee State Department of Education on our 10-year reaffirmation of teacher education, which touches every area of our campus.

• Extremely positive feedback on the College Choir, Rejoice!, the Men’s Quartet, and the Evangels Drama Team, for which we have more demand than ever—we cannot ac-

commodate all the requests for these excellent groups.

87 2014 Annual Report

Conclusion We are definitely turning the corner at Welch College! After the difficult challenges of a recessionary economy and its aftermath, which has negatively affected so many small, denominational Bible colleges, we are experiencing a new day.

We have seen the highest enrollment increase in at least 33 years, the highest increase in income in at least 33 years, and the highest net income in tuition, room, and board since 2006-07.

We are experiencing a wonderful spirit of campus unity that symbolizes a growing denominational unity and a growing commitment to ministry and spiritual and intellectual formation on the part of our students, combined with top-notch student and employee satisfaction ratings.

We appreciate our Free Will Baptist people and the love you have for your college in economically good times and bad times. We count on your steadfast prayers and financial support, and we love the wonderful students you send us. The Lord is doing a great work on the campus of Welch College, and as we remain true to His Word and His gospel in the fulfillment of the mission to which He has called us, we are confident He will continue to use Welch College to do great things for His glory and the extension of His kingdom.

In Christ,

J. Matthew Pinson President

89 welch.edu

WE HAVE STUDENTS FROM ACROSS THE SPECTRUM OF THE FREE WILL BAPTIST DENOMINATION. REGARDLESS OF WHERE THEY FALL ON THAT SPECTRUM, OUR STUDENTS ARE HAPPY AT WELCH.

WE ARE EXPERIENCING A WONDERFUL SPIRIT OF CAMPUS UNITY THAT SYMBOLIZES A GROWING DENOMINATIONAL UNITY.

WE COUNT ON YOUR STEADFAST PRAYERS AND FINANCIAL SUPPORT, AND WE LOVE THE WONDERFUL STUDENTS YOU SEND US.

9 10 2014 Annual Report

Board of Trustees 2013 – 2014

Mr. Mike Armstrong Educator • Wheelersburg, OH Rev. Will Beauchamp Pastor • First Free Will Baptist Church of Tampa Seffner, FL Dr. Jeff Crabtree Pastor • Serenity Free Will Baptist Church Fredericton, New Brunswick, Canada Rev. Shiloh Hackett Pastor • South Highland Free Will Baptist Church Muscle Shoals, AL Rev. Billy Hanna Pastor • First Free Will Baptist Church Albany, GA Rev. Terry Pierce (Chairman) Pastor • Tupelo Free Will Baptist Church, Tupelo, MS Dr. Rusty Russell Pastor • Peace Free Will Baptist Church, Wilson, NC Rev. Ken Simpson (Vice-Chaiman) Pastor • Calvary Fellowship Free Will Baptist Church Fenton, MO Rev. Mark Stripling (Secretary) Pastor • First Free Will Baptist Church North Little Rock, AR

10 11 welch.edu

Registration Report 2013 – 2014 | ENROLLMENT 380 STATES Alabama...................................... 13 Arkansas...................................... 17 California...................................... 3 Florida........................................ 12 Georgia....................................... 11 Illinois........................................... 8 Indiana.......................................... 2 Kansas........................................... 1 Kentucky....................................... 5 Louisiana....................................... 1 Michigan....................................... 8 Mississippi..................................... 7 Missouri ...................................... . 9 North Carolina............................ 26 Ohio........................................... 13 Oklahoma..................................... 5 South Carolina............................ 12 Tennessee.................................. 180 Texas............................................. 1 Virginia....................................... 13 Virgin Islands ................................ 1 West Virginia ................................ 2 Wisconsin ..................................... 1 International .............................. 29 The student body represents 23 states (USA) and three other countries (Canada, Cuba, and Panama).

CLASSIFICATION Freshman.................................. 103 Sophomore.................................. 91 Junior.......................................... 62 Senior.......................................... 37 Non-Degree Part-Time............... 32 Dual Enrollment......................... 55 VOCATIONAL Christian Ministry (Bach.).......... 78 Christian Ministry (Assoc.)......... 18 Missions....................................... 10 Business...................................... 39 English.......................................... 9 Exercise Science........................... 14 General Studies........................... 16 History.......................................... 3 Music.......................................... 10 Psychology.................................. 17 Science/Nursing.......................... 19 Teacher Education*...................... 60 Non-Degree Part-Time............... 32 Dual Enrollment.......................... 55 *Teacher Education includes these areas: Bible, Biology (3), Early Childhood (12), Elementary (22), English (7), History (8), Music (6), and Physical Education (2).

OTHER CATEGORIES Full-Time.................................. 248 Part-Time.................................. 132 Dorm........................................ 196 Commuter.................................. 56 Adult Studies............................... 13 Lifetime Learning........................ 27 Online......................................... 33 Dual Enrollment.......................... 55 Male.......................................... 200 Female....................................... 180 Single........................................ 307 Married....................................... 73 Free Will Baptist........................ 280 Other........................................ 100 New............................................ 68 Returning.................................... 21 Continuing............................... 166 Transfer....................................... 38 Non-Degree Part-Time................32 Dual Enrollment......................... 55

11 12 2014 Annual Report

Top Giving Churches 2013 – 2014

1.

Horse Branch Free Will Baptist Church

Turbeville, SC

$49,581

2.

First Free Will Baptist Church

Albany, GA

$32,223

3.

Donelson Free Will Baptist Church

Nashville, TN

$17,611

4.

Unity Free Will Baptist Church

Greenville, NC

$16,332

5.

Bethel Free Will Baptist Church

Chapmansboro, TN

$13,351

6.

First Free Will Baptist Church

Russellville, AR

$11,653

7.

First Free Will Baptist Church

Dothan, AL

$10,939

8.

Tupelo Free Will Baptist Church

Tupelo, MS

$10,496

9.

Piney Grove Free Will Baptist Church

Chipley, FL

$9,268

10.

Bethlehem Free Will Baptist Church

Ashland City, TN

$8,222

11.

Cross Timbers Free Will Baptist Church

Nashville, TN

$8,093

12.

Ebenezer Free Will Baptist Church

Glennville, GA

$7,804

13.

First Free Will Baptist Church

Seffner, FL

$7,500

14.

Sherwood Forest Free Will Baptist Church

New Bern, NC

$7,256

15.

Red Bay Free Will Baptist Church

Red Bay, AL

$6,934

16.

Garner Free Will Baptist Church

Garner, NC

$6,745

17.

First Free Will Baptist Church

Northport, AL

$6,462

18.

Crossroads Free Will Baptist Church

Jenks, OK

$6,372

19.

Peace Free Will Baptist Church

Wilson, NC

$6,000

20.

Piney Grove Free Will Baptist Church

Bristol, GA

$5,950

21.

Ahoskie Free Will Baptist Church

Ahoskie, NC

$5,895

22.

Tippett's Chapel Free Will Baptist Church

Clayton, NC

$5,725

12 13 welch.edu

23.

Liberty Free Will Baptist Church

Ayden, NC

$5,583

24.

New Hope Free Will Baptist Church

Joelton, TN

$5,404

25.

Porter Free Will Baptist Church

Sciotoville, OH

$5,304

26.

Calvary Fellowship Free Will Baptist Church

Fenton, MO

$5,225

27.

Beulah Free Will Baptist Church

Pamplico, SC

$5,159

28.

Grace Baptist Church

Dickson, TN

$5,000

29.

Westside Free Will Baptist Church

Johnsonville, SC

$4,841

30.

Cofer's Chapel Free Will Baptist Church

Nashville, TN

$4,795

31.

Columbia Original Free Will Baptist Church

Columbia, SC

$4,750

32.

Bethany Free Will Baptist Church

Timmonsville, SC

$4,729

33.

Immanuel Free Will Baptist Church

Durham, NC

$4,702

34.

Temple Free Will Baptist Church

Winterville, NC

$4,661

35.

Liberty Free Will Baptist Church

Marion, NC

$4,632

36.

New Life Fellowship Free Will Baptist Church

Statesboro, GA

$4,300

37.

Lebanon Free Will Baptist Church

Florence, SC

$4,135

38.

First Free Will Baptist Church

Church Hill, TN

$4,080

39.

Thayer Free Will Baptist Church

Thayer, MO

$3,984

40.

First Free Will Baptist Church

Walnut Ridge, AR

$3,815

41.

Rocky Pass Free Will Baptist Church

Marion, NC

$3,815

42.

First Free Will Baptist Church

Beaufort, NC

$3,700

43.

Fellowship Free Will Baptist Church

Kingsport, TN

$3,600

44.

Philadelphia Free Will Baptist Church

Folkston, GA

$3,584

45.

Harper Road Free Will Baptist Church

Joelton, TN

$3,516

46.

Cookeville Free Will Baptist Church

Cookeville, TN

$3,500

47.

First Free Will Baptist Church

Savannah, GA

$3,005

48.

White Oak Hill Free Will Baptist Church

Bailey, NC

$2,973

49.

Loudendale Free Will Baptist Church

Charleston, WV

$2,910

50.

Heritage Free Will Baptist Church

Columbus, OH

$2,891

13 14 2014 Annual Report

Top Giving Associations Arkansas State Association of Free Will Baptists.....................$29,897 Oklahoma State Association of Free Will Baptists...................$27,423 Missouri State Association of Free Will Baptists.....................$26,442 Texas State Association of Free Will Baptists.............................$6,957 Ohio State Association of Free Will Baptists.............................$5,876 Tennessee State Association of Free Will Baptists......................$5,470 North Carolina State Association of Free Will Baptists.............$4,586 Georgia State Association of Free Will Baptists.........................$4,106 Illinois State Association of Free Will Baptists..........................$3,088 Arkansas Central Association of Free Will Baptists...................$2,875 South Grand River Association of Free Will Baptists (OK) ......$2,436

Annual Fund Gifts Tennessee.......................... $206,907 North Carolina.................. $149,700 Missouri............................ $132,173 Georgia............................. $100,836 South Carolina.................... $87,839 Arkansas.............................. $62,741 Alabama.............................. $58,027 Florida................................$56,845 Oklahoma........................... $50,177 Mississippi........................... $30,502 Illinois................................. $27,419 Ohio................................... $26,084

Kentucky............................. $16,795 Virginia............................... $16,432 Michigan............................. $13,301 Texas..................................... $9,903 West Virginia........................ $9,853 California.............................. $9,528 Matching Gifts...................... $6,050 Pennsylvania.......................... $2,500 New Mexico.......................... $2,237 Indiana.................................. $2,111 Washington........................... $2,038 Canada.................................. $1,705

Virgin Islands........................ $1,248 Kansas...................................... $850 Arizona..................................... $611 Idaho........................................ $600 WNAC.................................... $554 Hawaii..................................... $550 Iowa......................................... $300 Maryland................................. $276 Oregon.....................................$258 Brazil........................................ $180 Vermont................................... $100 South Dakota............................. $50 TOTAL......................... $1,087,280

Corporate Donors & Foundation Gifts $50,000 + Billy D. Harbison Living Trust Conley & Associates, Inc. Do Unto Others Trust Free Will Baptist Foundation

Carolyn L. Schwieger Trust Pinnacle National Bank Randall House Publications Sesser Auto Body, Inc. Wells Fargo Foundation

$5,000 - $10,000 Newberry Family Foundation Price Investment Company Unum Group

UNDER $1,000 Alvy’s Auto Electric B2L Home and Property Solutions, LLC Bank of America Charitable Foundation Camp Sonshine, Inc. Chick-fil-A Community Bank and Trust Jennette Foods Nord Associates, Inc. Olsan Family Revocable Trust Shear N Dipity

$1,000 - $4,999 ExxonMobil Foundation Fidelity Charitable Gift Fund Grace For The World Ministries Lewis Letterworks Lifesong Theatre Group Missouri Board of Christian Education of Free Will Baptists

15 16 2014 Annual Report

Donors PRESIDENT’S CIRCLE ($20,000 - $49,999) Dr. and Mrs. Paul W. Inbody LEGACY CIRCLE ($10,000-$19,999) Mr. and Mrs. Mac Atkinson Mr. and Mrs. James W. Beasley Mr. and Mrs. Benjamin S. Evans Mr. and Mrs. Carol K. Harvey Mr. and Mrs. John F. Mouser Mr. and Mrs. Howard R. Price Mrs. Regina Y. Rose HERITAGE CIRCLE ($5,000-$9,999) Rev. and Mrs. Francis W. Boyle Mr. and Mrs. Ronnie H. Brown Mrs. Lois Hudson Dr. Robert E. Picirilli Mr. and Mrs. W. O. Powers Mr. and Mrs. Gary W. Wright EXECUTIVE CIRCLE ($2,500-$4,999) Anonymous Mr. and Mrs. A. C. Allen Mr. and Mrs. Dennis A. Chamberlin

Mr. and Mrs. J. Bradford Fisher Mrs. Lottie Forlines Mr. Thurman B. Hall, II Rev. and Mrs. Phillip Jones Dr. and Mrs. Greg Ketteman Mr. and Mrs. Marvin L. Mouser Miss Lesa G. Parker Rev. and Mrs. C. Wayne Perry Mr. and Mrs. Thomas A. Sass Dr. and Mrs. Frederick L. Yerby LEADERSHIP CIRCLE ($1,000-$2,499) Anonymous Rev. and Mrs. Jimmy Aldridge Mr. and Mrs. James D. Allen Mr. and Mrs. Frank E. Breedlove Mr. and Mrs. John W. Bryan, Sr. Mr. and Mrs. Robert A. Bryan, Jr. Mrs. Helen Cannon Mr. and Mrs. John L. Carter Miss Mary V. Carter Mr. and Mrs. Robert T. Carter Rev. and Mrs. Russell Clouse Mr. and Mrs. Charlie W. Cook, Jr. Mr. and Mrs. Curtis D. Cone, Sr. Com. and Mrs. Robert P. Cooper Mrs. Sandra Dempsey

Dr. and Mrs. Timothy F. Edwards Rev. and Mrs. William W. Evans Capt. Edmond B. Ferguson Mr. and Mrs. Ronald W. Ferrell Dr. and Mrs. Richard Frazier Rev. and Mrs. Gary W. Fry Mr. and Mrs. Watson Hall Rev. A. L. Hines Mrs. Mary Holley Rev. and Mrs. Milton A. Hollifield, Sr. Mr. and Mrs. Oscar Holloman Rev. Roy Jensen Mr. and Mrs. Jason King Mr. and Mrs. Robert C. Leckrone Mr. and Mrs. James E. Maute Rev. Thomas R. McCullough Mr. and Mrs. R. A. McLamb Mr. and Mrs. David D. Mishler Dr. Elizabeth A. Mooney Mrs. Juanita Nicholson Mrs. Peggy M. Overbey Mr. and Mrs. Vance P. Overton Mr. and Mrs. William K. Parrish Mr. and Mrs. Ty Peel Dr. and Mrs. J. Matthew Pinson Mr. Todd Potgeter Mr. and Mrs. John C. Powelka Dr. and Mrs. Garnett H. Reid Rev. and Mrs. Rusty Russell Dr. and Mrs. Richard Sample Mr. and Mrs. Leon Sandifer, II Mr. and Mrs. Carl D. Short Rev. and Mrs. Kenneth D. Simpson Mr. and Mrs. Donald L. Smith Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. David M. Tart Dr. and Mrs. Charles A. Thigpen Mr. and Mrs. Ray C. Turnage Mr. and Mrs. Kent Waller Rev. and Mrs. Fred M. Warner Dr. and Mrs. Vernon M. Whaley

16 17 welch.edu

Rev. and Mrs. David H. Williford Dr. and Mrs. Melvin L. Worthington Dr. and Mrs. Milton W. Worthington Rev. E. J. Young Mr. and Mrs. John G. Zubor FRIENDSHIP CIRCLE ($250-$999) Anonymous (4) Mr. and Mrs. Chad B. Allen Mr. J. W. Allen Rev. and Mrs. Derek Altom Mr. and Mrs. Michael L. Armstrong Mr. William A. Armstrong Mr. and Mrs. Phillip Ashcraft Ms. Sybil Bailey Mr. Del Ray Baker Miss Molly Barker Rev. and Mrs. Proctor V. Barker Mr. and Mrs. Billy W. Barnette Mr. and Mrs. Jarrod Beliles Dr. and Mrs. Scott Benton Mr. and Mrs. Leroy Blades Rev. and Mrs. Ronnie Blanks Mr. and Mrs. Max Bolin Rev. and Mrs. Richard W. Bowers Mrs. H. J. Boyd Mr. and Mrs. James O. Brewer

Mr. and Mrs. Randolph W. Brooks Mr. Joe C. Brown Mr. and Mrs. Edgar J. Brumfield Ms. Jean Bryan Mr. and Mrs. Larry N. Bryan Mr. and Mrs. Heyward J. Butler Mr. and Mrs. Kevin Buttry Mr. Jimmie E. Byrd Mr. and Mrs. Mike Cales Mr. Rogers A. Cannon Rev. and Mrs. Tommie D. Carlson Dr. and Mrs. Joshua Carmack Mrs. Gwen Carraway Rev. and Mrs. Jeff Caudill Mr. and Mrs. David O. Chamberlin Miss Doris J. Chamberlin Mr. Zenis R. Childress Mr. and Mrs. Gary F. Clark Mr. and Mrs. Larry O. Coker Mr. and Mrs. George C. Cooper, Jr. Rev. and Mrs. Randy Corn Mr. and Mrs. Charles A. Cowan Ms. Charlotte M. Cox Mr. and Mrs. Randall G. Cox Rev. and Mrs. Jacob M. Creech Mr. and Mrs. Francis P. Daniels, Jr. Rev. and Mrs. Walter Daniels Mr. and Mrs. Thomas A. Davis

Mr. and Mrs. Robert Joseph Davy Rev. and Mrs. Daniel M. Dean Mr. and Mrs. Marvin L. Deaver Mr. and Mrs. Paul R. Drake, II Mr. and Mrs. Edward Driggers Mr. and Mrs. Mark E. Driggers Mr. and Mrs. Andy Droll Rev. and Mrs. Galen F. Dunbar Mr. and Mrs. King Dunlap, IV Dr. and Mrs. Kenneth P. Eagleton, Jr. Mr. and Mrs. Bob Edwards Mr. and Mrs. Freeman L. Edwards Rev. and Mrs. Mike Edwards Dr. and Mrs. Milton B. Fields Mr. and Mrs. Ronnie B. Finch Rev. and Mrs. Keith E. Fletcher Mr. and Mrs. Nathan Fletcher Mr. and Mrs. Jerry W. Flug, Sr. Rev. and Mrs. James F. Forlines Rev. and Dr. Leroy Forlines Rev. and Mrs. Terry Forrest Mr. and Mrs. Charles A. Francen Mr. Wayne Fry Cpt. and Mrs. W. Lee Frye, Jr. Mr. and Mrs. James S. Futrell Mr. and Mrs. Jim H. Garrett Mr. Michael L. Gillin Rev. and Mrs. Frank Giunta Chaplain and Mrs. Walter E. Golding Mr. and Mrs. Joseph A. Goodfellow Rev. and Mrs. Walter E. Gragg Rev. and Mrs. Shiloh C. Hackett Ms. Debra R. Haddock Mr. and Mrs. Thomas L. Hale Rev. Harold B. Hall Mrs. Margaret Hampton Mrs. Martha Hancock Mr. and Mrs. Todd Harris Mr. and Mrs. Timothy E. Hayes Dr. and Mrs. Richard T. Hendrix Mr. Barney D. Hicks

17 18 2014 Annual Report

THE LORD IS DOING A GREAT WORK ON THE CAMPUS OF WELCH COLLEGE.

Rev. and Mrs. Edwin L. Hill Rev. and Mrs. Edward L. Hodges, Jr. Ms. Carol D. Holland Rev. and Mrs. Mack Humbles Ms. Yvonne D. Humbles Mr. and Mrs. Robert G. Irvin Mr. and Mrs. Billy L. James Mr. and Mrs. Nathan P. Johnson Mrs. Betty Joslin Mr. and Mrs. Ernest Joyce Rev. and Mrs. Jonathon S. Justice Mrs. Altha Keifer Mr. and Mrs. Bobby Kennedy Dr. and Mrs. James Kilgore Mr. and Mrs. John H. Kinnick Rev. and Mrs. Earl Langley Mr. and Mrs. Donald G. Lee Rev. and Mrs. George C. Lee, Jr. Mr. and Mrs. Raymond Lee Mrs. Shirley Lee Rev. and Mrs. Ernie L. Lewis Rev. and Mrs. Hoover Lewis Mrs. Willie M. Lupton Ms. Nancy Maddox

Mr. and Mrs. Craig Mahler Mrs. Joyce Mayo Mr. and Mrs. Rick Mayo Mr. and Mrs. Roland McBride Mr. and Mrs. John M. McCall Rev. and Mrs. Jerry W. McClary Rev. and Mrs. Jim L. McLain Mrs. Mavis E. McVay Mr. and Mrs. Samuel P. McVay Mrs. Hazel Frances Metcalf Rev. and Mrs. Wayne Miracle Dr. and Mrs. Edward E. Moody, Jr. Mr. and Mrs. Hamlee H. Moon Mr. and Mrs. Bobby Moore Rev. and Mrs. Buddy Morris Mrs. Velma Moseley Rev. and Mrs. Virgil Nolen Mr. and Mrs. Robert D. Norville Dr. and Mrs. J. D. O’Donnell Mr. Loyd C. Olsan Rev. Billy Gene Outland Mrs. Katie D. Owen Rev. and Mrs. Tim D. Owen Rev. and Mrs. Frank Owens

Rev. and Mrs. Todd Parrish Drs. Greg and Etta Patterson Mrs. Eulah M. Payne Mr. and Mrs. William C. Peede Mr. and Mrs. Lee A. Penn Mr. and Mrs. Malcolm Peterson Mr. Daniel A. Plunkett Mr. and Mrs. Jimmie N. Pollock, Sr. Mr. and Mrs. David C. Pool Mrs. Julie M. Potts Mr. and Mrs. Mike Price Miss Marilyn Pritchard Mrs. A. L. Pugh Mr. and Mrs. David L. Rackley Rev. and Mrs. Jerry L. Rackley Mr. and Mrs. Cleve Roland Mr. and Mrs. J. Wayne Salyer Rev. and Mrs. H. Reedy Saverance Mrs. Erlene B. Smith Mrs. Karen Sparks Mr. and Mrs. Darrell Stafford Mr. and Mrs. John Stanley Chaplain and Mrs. Kerry M. Steedley Mr. Bobby J. Stembridge

18 19 welch.edu

Rev. and Mrs. Kenneth Stephens Mr. and Mrs. Van J. Stewart Mr. and Mrs. Hugh A. Stox Mr. and Mrs. Tim Sudduth Mr. and Mrs. Ricky A. Swafford Mr. and Mrs. Edward P. Sweigart Mr. and Mrs. Ernest L. Thompson Mr. and Mrs. Michael T. Thompson Mrs. Dianne Tippett Mr. and Mrs. Olen L. Todd

Mr. and Mrs. Danny J. Trail Mr. and Mrs. Mark K. Trotter Mr. and Mrs. Gary Turner Rev. and Mrs. Kenneth A. Upright Miss Patsy Vanhook Rev. and Mrs. Billy J. VanWinkle Rev. and Mrs. Billy B. Walker Mr. and Mrs. Stanley L. Wall, Jr. Rev. and Mrs. Jackson Watts Mr. and Mrs. Donald R. Wiles

Miss Marjorie L. Williams Mrs. Elaine M. Williamson Mr. and Mrs. Ricky Williamson Ms. Betty J. Willis Rev. and Mrs. Eugene Workman Mr. and Mrs. Glen H. Wright Mr. and Mrs. Richard A. Wrightson Mrs. Sue Yerby

Revenues and Expenditures 2013 – 2014 REVENUES Unrestricted Funds

5%

EXPENSES Unrestricted Funds

Tuition & Fees $2,350,304 Annual Fund Gifts $1,087,280

24% 46% 3%

22%

Instruction $1,371,089

19%

27%

Investment, Endowment, & Miscellaneous $158,802 Auxiliary Enterprises $1,209,636 Net Assets Released from Restrictions $269,277 _____________ Total Revenues $5,075,299

Academic Support $409,805 Student Services $514,682

8%

36% 10%

Institutional Support $1,877,698 Auxiliary Enterprises $982,308 _____________ Total Expenditures $5,155,582

3606 West End Avenue, Nashville, TN 37205 welch.edu | 1.888.97.WELCH