2022 Welch College Annual Report

2022

ANNUAL REPORT welch.edu

OUR MISSION Educating leaders to serve Christ, His Church, and His world through biblical thought and life.

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2022 PRESIDENT’S REPORT This past year has been a rewarding year for Welch College. While it has been difficult because of the impact of COVID-19 on the college’s enrollment and finances, Welch has been blessed with increases in every qualitative area of its mission.

QUALITATIVE GROWTH Despite the difficulties of the pandemic, our wonderful faculty and staff at Welch managed to improve in every measurable metric in the higher education industry. This has caused us, for the first time, to enter the top ten in the U.S. News and World Report’s Best Colleges ranking among the 93 institutions in the Regional Colleges— South category. Most remarkable is that we were ranked #1 in our graduation rate for students from economically disadvantaged backgrounds.

Our comparison to the other 92 institutions in our category gives parents, students, and supporters confidence in the quality and value of a Welch College degree. In addition to having the highest graduation rate for students from economically disadvantaged backgrounds, we ranked #1 in student-faculty ratio and in classes with fewer than 50 students. We ranked #3 in 2

graduation rate, #5 in classes under 20 students, and #8 in freshman-to-sophomore retention and alumni giving.

Furthermore, our internal data shows that the number of students whose parents are alumni went up. It was 28% this year, more than twice as high as that of most Christian colleges.

In December, our two accrediting bodies, the Southern Association of Colleges and Schools (SACS) Commission on Colleges and the Association for Biblical Higher Education (ABHE) Commission on Accreditation, fully reaffirmed our accreditation for the next ten years. We received a special commendation from ABHE for the faculty, staff, and student support of our mission.

MINISTRY AND SPIRITUAL FORMATION Given our core mission of educating leaders to serve the church, it was especially gratifying that the number of ministry students went up. This was one of only three categories of enrollment that increased over the past two years when overall enrollment decreased more than 20 percent.

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One of the most exciting developments for this year was the launch of Welch Divinity School and the initiation of the Master of Divinity (M.Div.) program. Twelve students enrolled in the program. It has increased our reputation in the evangelical theological community, on which we want to have an impact. Yet more importantly, it has brought excitement and momentum to our student body.

Our new joint B.A.-to-M.Div. program has dovetailed with the recently initiated $10,000 scholarship for Free Will Baptist pastoral and youth ministry students who are on the ordination track to foster the above-mentioned increase in ministry enrollment. This is crucial in a time when fewer high school students are answering the call to ministry, and those who pursue ministry vocations often choose free or lower-cost community college options closer to home, intending to transfer to Welch after two years. Yet most never do and often never enter the ministry.

This scholarship provides opportunities for Free Will Baptist students who are anticipating a ministry vocation to be in an environment of faith and learning conducive to that goal. It is helping us fulfill the objective that is at the very heart of our mission. We are forming and shaping young ministers of the gospel who are serious about the teaching of Scripture and how it changes lives, who are committed to living out the Great Commission and leading churches to a zeal for the gospel, and who heartily embrace the doctrine, practice, and heritage of the Free Will Baptist Church.

Spiritual formation also took a leap forward this past year as students began to be able to see each other’s faces again and have daily chapel and normal dormitory prayer groups. Student morale was high

I see a new wave of support that will transform our college to move it into the greatest era of growth and fulfillment in its history. this year, especially as compared to last year with masks and social distancing. Spiritual formation, in the context of the shaping of the whole person—thinking Christianly about all of life, feeling deeply about that, and making moral choices that are consistent with it—is at the center of what we do. And it is needed more than ever in a culture that is increasingly devoid of Christian virtue.

This is a difficult time to be involved in Christian higher education.

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2022 PRESIDE NT'S REPORT

We are in a more secular context in the wider culture than we were twenty years ago when I started as president. This means that our students are coming out of that culture and its schools. We also have lost 40% of the membership of our denomination over the past four decades. All this makes our ministry of Christian higher education challenging.

Still, Welch College is experiencing the blessings of God. In a time when the general trend in dorm students and graduation rates is down in private higher education, our general trend, adjusted for COVID-19, is up. In a trend toward secularism and progressivism in the wider academy and secular culture, our students are responding positively to our education that is selfconsciously steeped in the teaching of Holy Scripture and the Judeo-Christian tradition, as well as the constitutional tradition that has shaped our country.

Our students are growing up here. They are becoming more spiritually mature. They are becoming leaders— ministry leaders for churches and missions around the world and lay leaders who bear witness to Christ across the professions. It is a joy to witness this growth firsthand and to see students take up the mantle of Christian leadership in increasingly difficult times in our culture.

Yet, in the larger scheme of things, given the dire circumstances of COVID and the fact that many small Christian colleges have been driven out of business by the pandemic, things have gone surprisingly well. In the 2020-2021 fiscal year, for example, we budgeted for a deficit of around $750,000, ending the year with a deficit of only around $90,000. This past year, as a result of a gift-in-kind of real estate, we had a surplus of $1.5 million. Yet even if we had not had that special gift, we still would have been under budget in our deficit.

While our capital campaign has continued to suffer this year, things are beginning to pick back up with the launching of Building on the Legacy—The Next Step, and we feel confident next year will be much better.

Most importantly, the number of admitted students for the Fall 2022 entering class is back up to pre-COVID norms. While our entering class was in the 50s last fall,

ENROLLMENT AND FINANCES The pandemic arrested the enrollment and financial growth Welch was experiencing before its onset. In the fall semester before COVID hit, Welch marked its highest fall enrollment in thirty-six years with a headcount of 426. Two years later, this past fall, enrollment had plummeted to just 336. From the 2020 to the 2021 fiscal year, the college’s tuition, room, and board income decreased by around 15%, and from last year to this year it went down about 12%, for a total drop of about 27% in tuition, room, and board revenue over the past two years.

Our general fund—the Welch Fund—stayed on track.

However, the Building on the Legacy capital campaign we were in the middle of to fund the construction of the new campus, was hit hard with people wary of making new pledges or unable to fulfill existing pledges.

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and in the 60s the fall before that, the current number of admitted students suggests we will be back in the 70s this fall. That means next year will begin our ascent back to normalcy and then to growth, though it will take a few years to recover what COVID has taken from us in students, fundraising, and momentum.

Still, there are major donors who want to come alongside Welch whom God has blessed with the financial ability to be a tremendous help to the college. Though COVID, supply chain issues, the microchip shortage, and other economic issues have cut into their reserves and ability to fund charities, they assure us that their businesses are doing well and that they plan to make some very large gifts to the college once things normalize post-COVID. I predict that in the next few years Welch College will enter the most productive season of growth and mission fulfillment in its history.

THANK YOU Now more than ever, we need your prayers and financial support and your recommendation of Welch to students and their parents. Thank you so much for your continued support of Welch and its mission to educate leaders to serve Christ, His Church, and His world through biblical thought and life.

Sincerely,

J. Matthew Pinson President

Our students are growing up here. They are becoming more spiritually mature.

They are becoming leaders—ministry leaders for churches and missions around the world and lay leaders who bear witness to Christ across the professions.

It is a joy to witness this growth firsthand and to see students take up the mantle of Christian leadership in increasingly difficult times in our culture.

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A CHRISTIAN COMMUNITY OF FAITH AND LEARNING 6

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REGIONALLY & NATIONALLY ACCREDITED TO OFFER ASSOCIATE’S, BACHELOR’S, & MASTER’S DEGREES

RANKED

TOP 10 U.S. News & WORLD REPORT

BEST COLLEGES IN THE SOUTH

1 #1 #3 50 #

I N G R A D UAT I O N R AT E F O R E C O N O M I C A L LY D I S A DVA N TAG E D STUDENTS

IN CLASSES FEWER THAN 50 STUDENTS

I N G R A D UAT I O N R AT E

PROGRAMS OF STUDY

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REGISTRATION REPORT

TOTA L E N R O L L M E N T: 37 1

CLASSIFICATION

OTHER CATEGORIES

Freshman ��������������������������������������������������������������������������� 74 Sophomore ������������������������������������������������������������������������� 55 Junior ��������������������������������������������������������������������������������� 56 Senior ��������������������������������������������������������������������������������� 50 Graduate (Degree-seeking) ������������������������������������������������� 43 Non-degree Part-time ��������������������������������������������������������� 32 Dual Enrollment ���������������������������������������������������������������� 72

Full-time �������������������������������������������������������������������������� 193 Part-time �������������������������������������������������������������������������� 178

VOCATIONAL* Christian Ministry (Graduate) �������������������������������������������� 25 Christian Ministry (Bachelor)** ����������������������������������������� 45 Christian Ministry (Associate) �������������������������������������������� 10 Christian Ministry (Certificate) ������������������������������������������ 18 Missions ������������������������������������������������������������������������������� 9 Biology (TE Licensure: 4) ���������������������������������������������������� 9 Business ����������������������������������������������������������������������������� 43 English (TE Licensure: 5) ��������������������������������������������������� 10 Exercise Science (TE Licensure: 1) ������������������������������������� 15 General Studies ������������������������������������������������������������������ 25 History ��������������������������������������������������������������������������������� 7 Humanities �������������������������������������������������������������������������� 6 Math (TE Licensure: 7) �������������������������������������������������������� 7 Music (BME Licensure: 3) ��������������������������������������������������� 8 Psychology ������������������������������������������������������������������������� 11 Science/Nursing ����������������������������������������������������������������� 12 Teacher Education*** ��������������������������������������������������������� 41 Dual Enrollment ���������������������������������������������������������������� 72 Other ��������������������������������������������������������������������������������� 14

Male ��������������������������������������������������������������������������������� 179 Female ������������������������������������������������������������������������������ 192 Single ������������������������������������������������������������������������������� 292 Married ������������������������������������������������������������������������������ 79 Dorm ������������������������������������������������������������������������������� 127 Commuter ������������������������������������������������������������������������� 48 Residential Graduate ���������������������������������������������������������� 10 Non-residential Graduate ��������������������������������������������������� 34 Adult Studies ���������������������������������������������������������������������� 31 Online Studies �������������������������������������������������������������������� 49 Dual Enrollment ���������������������������������������������������������������� 72 New ����������������������������������������������������������������������������������� 86 Transfer ������������������������������������������������������������������������������ 12 Continuing ���������������������������������������������������������������������� 201 Dual Enrollment ���������������������������������������������������������������� 72 Free Will Baptist ������������������������������������������������������������� 196 Other ������������������������������������������������������������������������������� 175

*Multiple students pursuing multiple degrees. **Pursuing vocational Christian ministry: Pastoral, Youth and Family, and General Christian Ministries. ***This number includes all undergraduate and graduate teacher education students, including those pursuing secondary education, who are also counted in their respective programs of study.

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STATES Alabama ������������������������������������������ 11 Arkansas �������������������������������������������� 5 California ������������������������������������������ 2 Florida �������������������������������������������� 10 Georgia ��������������������������������������������� 6 Illinois ����������������������������������������������� 8 Indiana ���������������������������������������������� 2 Kansas ����������������������������������������������� 1

Kentucky ���������������������������������������������4 Louisiana ������������������������������������������� 1 Michigan ������������������������������������������� 6 Mississippi ����������������������������������������� 6 Missouri �������������������������������������������� 5 New York ������������������������������������������ 1 North Carolina �������������������������������� 35 Ohio ������������������������������������������������� 5

Oklahoma ����������������������������������������� 2 Rhode Island ������������������������������������� 3 South Carolina ���������������������������������� 5 Tennessee �������������������������������������� 220 Virginia ������������������������������������������� 11 West Virginia ������������������������������������ 3 U.S. Virgin Islands ���������������������������� 1 Foreign �������������������������������������������� 18

The student body represents 22 states, 1 U.S. territory, and 6 foreign countries

(Bulgaria, Indonesia, Japan, Mexico, Panama, and Spain).

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TOP GIVING CHURCHES

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1.

Horse Branch Free Will Baptist Church

Turbeville

SC

$37,053.20

2.

East Nashville Free Will Baptist Church*

Nashville

TN

$32,850.40

3.

Lebanon Free Will Baptist Church

Effingham

SC

$32,533.62

4.

Unity Free Will Baptist Church

Greenville

NC

$25,675.04

5.

Woodhaven Free Will Baptist Church

Woodhaven

MI

$22,000.00

6.

First Free Will Baptist Church

Albany

GA

$20,586.00

7.

Bethel Free Will Baptist Church

Chapmansboro

TN

$16,161.10

8.

New Hope Free Will Baptist Church

Joelton

TN

$13,050.40

9.

Ebenezer Free Will Baptist Church

Glennville

GA

$13,000.00

10.

Bethel Free Will Baptist Church

Kinston

NC

$11,550.00

11.

Sutton Free Will Baptist Church

Pocahontas

AR

$10,500.00

12.

First Free Will Baptist Church

Pampa

TX

$10,000.00

13.

Connect Church of Russellville

Russellville

AR

$9,999.91

14.

First Free Will Baptist Church

Northport

AL

$8,980.90

15.

Garner Free Will Baptist Church

Garner

NC

$7,945.00

16.

Timbers Drive Church

Dothan

AL

$7,569.95

17.

First Free Will Baptist Church

Columbus

GA

$6,824.00

18.

Ina Free Will Baptist Church

Ina

IL

$6,675.00

19.

West Calvary Free Will Baptist Church

Smithfield

NC

$6,532.77

20.

Porter Free Will Baptist Church

Wheelersburg

OH

$6,509.00

21.

Tippett’s Chapel Free Will Baptist Church

Clayton

NC

$6,001.28

22.

First Original Free Will Baptist Church

Jacksonville

NC

$6,000.00

23.

Grace For The World Ministries

Dickson

TN

$6,000.00

24.

Bethany Free Will Baptist Church

Timmonsville

SC

$5,883.00

25.

Calvary Free Will Baptist Church

Colquitt

GA

$5,633.32

26.

Calvary Fellowship Free Will Baptist Church

Fenton

MO

$5,475.00

27.

Pine Level Free Will Baptist Church

Alma

GA

$5,415.00

28.

Free Will Baptist Church of Red Bay

Red Bay

AL

$5,353.08

29.

Bethlehem Free Will Baptist Church

Ashland City

TN

$5,311.00

30.

Peace Free Will Baptist Church

Wilson

NC

$5,000.04

31.

Ryanwood Fellowship Free Will Baptist Church

Vero Beach

FL

$4,925.00

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We are orienting our student body to seeing themselves and their callings as related directly to church leadership and the Great Commission, regardless of their major.

32.

Bear Point Free Will Baptist Church

Sesser

IL

$4,850.00

33.

First Free Will Baptist Church

Vernon

AL

$4,839.62

34.

Sherwood Forest Free Will Baptist Church

New Bern

NC

$4,823.59

35.

Heads Free Will Baptist Church

Cedar Hill

TN

$4,713.00

36.

Cross Timbers Free Will Baptist Church

Nashville

TN

$4,601.95

37.

Liberty Free Will Baptist Church

Lawley

AL

$4,592.54

38.

Blue Point Free Will Baptist Church

Cisne

IL

$4,422.00

39.

Liberty Free Will Baptist Church

Marion

NC

$4,348.00

40.

Macedonia Free Will Baptist Church

Millport

AL

$4,300.00

41.

Immanuel Free Will Baptist Church

Durham

NC

$4,168.00

42.

First Free Will Baptist Church

Beaufort

NC

$4,046.24

43.

White Oak Hill Free Will Baptist Church

Bailey

NC

$4,010.00

44.

Connect Church

Tupelo

MS

$4,000.00

45.

Temple Free Will Baptist Church

Winterville

NC

$3,900.00

46.

Cofer's Chapel Free Will Baptist Church

Nashville

TN

$3,790.00

47.

Peace Free Will Baptist Church

Florence

SC

$3,780.00

48.

Sand Hill Free Will Baptist Church

Coward

SC

$3,680.00

49.

Mt. Harmony Free Will Baptist Church

Vernon

AL

$3,624.77

50.

Corinth Free Will Baptist Church

Alma

GA

$3,600.00

51.

First Free Will Baptist Church

Seffner

FL

$3,600.00

*Funds received from an endowment

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O SEND OUT THY LIGHT AND THY TRUTH 12

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FOUNDATION GIFTS & CORPORATE DONORS $100,000+ Kern Family Foundation National Christian Foundation

$50,000 - $99,999 Do Unto Others Trust

$10,000 - $49,999 FirstBank Ming Wang with Wang Vision National Financial Services, LLC Newberry Family Foundation, Inc. Pioneer College Caterers, Inc. St. James Properties UBS Financial Services, Inc.

$1,000 - $9,999 AW Healthcare Management, LLC Basketball Destinations, LLC Bone McAllester Norton, PLLC Clayton Properties Group, Inc. Edward Jones Fidelity Brokerage Services, LLC Fidelity Charitable Gift Fund Free Will Baptist Foundation Howard R. Price Trust

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L. Tyson and Sons, Inc. Merrill Lynch Music Performance Trust Fund NHC Place, Sumner Pacific Life Raymond James Global Account Rogers Group, Inc. Sumner Regional Medical Center The Goddard School Wilson Bank & Trust

Under $1,000 Alvy’s Auto Electric Amazon Smile Bank of Tennessee Cardinal Computer Corp.

Christian Brothers Automotive Gallatin Chamber Foundation Kroger Grocery Store Lewis Letterworks Reed Financial Group, Inc. ReliaStar Life Insurance Company The Benevity Community Impact Fund TriStar Hendersonville Medical Center White & Associates Management, LLC YourCause, LLC

TOP GIVING ASSOCIATIONS Tennessee................................................................$72,157.08 Alabama .................................................................$43,093.97 Missouri..................................................................$32,438.36 Arkansas..................................................................$22,229.80 Oklahoma ..............................................................$22,128.32 Mississippi ..............................................................$14,016.74 Georgia...................................................................$10,594.40 Texas.........................................................................$6,543.40 Ohio.........................................................................$5,442.81 Central (AR).............................................................$2,996.66 Illinois ......................................................................$2,963.02 South Grand River (OK)...........................................$2,448.02

WELCH FUND GIFTS Georgia................................................................ $491,599.28 Tennessee............................................................. $348,712.76 North Carolina..................................................... $151,967.91 South Carolina..................................................... $145,397.72 Florida................................................................. $137,519.18 Alabama............................................................... $106,168.57 Missouri................................................................. $74,512.86 Arkansas................................................................. $49,112.90 Oklahoma.............................................................. $43,047.03 New Mexico........................................................... $35,661.14 Mississippi.............................................................. $35,456.71 Illinois.................................................................... $34,721.60 Michigan................................................................ $31,034.54 Texas...................................................................... $17,593.40 Ohio...................................................................... $17,379.90 Kentucky................................................................ $12,142.96 West Virginia........................................................... $8,697.28 Nebraska.................................................................. $5,000.00

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California................................................................. $4,465.62 Canada..................................................................... $4,374.88 Virginia.................................................................... $4,059.74 Washington.............................................................. $2,588.00 Idaho........................................................................ $2,000.00 Arizona..................................................................... $1,304.42 New Jersey............................................................... $1,300.00 U.S. Virgin Islands................................................... $1,119.27 Indiana..................................................................... $1,049.44 Other....................................................................... $1,001.83 Colorado..................................................................... $840.00 Louisiana..................................................................... $800.00 Pennsylvania................................................................ $500.00 Oregon........................................................................ $286.83 Delaware..................................................................... $283.72 Hawaii........................................................................ $250.00 Kansas........................................................................... $48.34

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DONORS FOUNDER’S CIRCLE $100,000+

Mr. and Mrs. Donald L. Smith Mr. and Mrs. Clifton C. Waller

Glen L. Roberts Estate Mr. and Mrs. Phillip D. Faircloth

EXECUTIVE CIRCLE $2,500 - $4,999

PRESIDENT’S CIRCLE $20,000 - $99,999

Rev. and Mrs. James T. Beck Mr. and Mrs. Michael G. Belesky Mr. and Mrs. James J. Conley Chaplain and Mrs. Robert P. Cooper Rev. and Mrs. William W. Evans Capt. and Mrs. Edmond B. Ferguson

Mr. and Mrs. James W. Beasley Mr. and Mrs. Glenn A. Harris Mr. and Mrs. Edward E. Pittman Mr. and Mrs. J. Wayne Salyer

LEGACY CIRCLE $10,000 - $19,999 Dr. and Mrs. Michael Bernui Mr. and Mrs. Robert T. Bryan Mr. Zenis R. Childress Mrs. Christine L. Daniel Mr. and Mrs. Thomas Douglas Mr. and Mrs. Clyde M. Goen Rev. and Mrs. David H. Williford

HERITAGE CIRCLE $5,000 - $9,999 Dr. David L. and Congressman Diane Black Ms. Gale Cales Ms. Vicki Cherry Mr. and Mrs. Benjamin S. Evans Mr. and Mrs. Barney D. Hicks Mr. and Mrs. Jimmy L. Holley Mr. Fred T. Keifer, Jr. Mr. and Mrs. Jason King Mr. and Mrs. Jerry L. Moore Mr. and Mrs. Mike Price Mr. Nolan E. Purcell Mr. Stephen Purser Mr. and Mrs. Thomas A. Sass

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Mr. and Mrs. Ronald W. Ferrell Mr. Jules Hancart Mr. and Mrs. Carol K. Harvey Dr. and Mrs. Paul Inbody Mr. and Mrs. Tracy Kerr Dr. and Mrs. Paul G. Ketteman Mr. and Mrs. James Maute Mr. and Mrs. James W. McBride Rev. and Mrs. Donnie I. Miles Drs. Greg and Etta Patterson Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. Eddie Richardson Mr. and Mrs. Willis R. Shimel, Jr. Mr. and Mrs. Donald Southerland Mr. and Mrs. Gary W. Wright

LEADERSHIP CIRCLE $1,000 - $2,499 Mrs. Janie M. Aldridge Mr. and Mrs. J. W. Allen Rev. and Mrs. Billie Charles Barlow Mr. Edwin L. Beem Mr. Randall T. Blades Mr. John W. Bryan, Sr. Rev. and Mrs. Tommie D. Carlson Mr. and Mrs. James R. Carr Mr. T. Ross Clark Rev. and Mrs. Russell Clouse Dr. and Mrs. Jeffrey A. Crabtree

Dr. Stan A. Culpepper Mr. and Mrs. William H. Day Mr. and Mrs. Daniel M. Dean Dr. Milton B. Fields Mr. Darrell L. Fulton Mr. and Mrs. James S. Futrell Mr. and Mrs. Joseph A. Goodfellow Mr. and Mrs. John A. Gorrell Ms. Carolyn F. Head Mr. and Mrs. Jimmy Hunter Ms. Regina D. Ivens Rev. and Mrs. Bobby R. Jackson Col. and Mrs. Mark Johnson Ms. Lenore Jones Mr. David E. Kimbrough Mr. Robert Kowalke Dr. and Mrs. C. Thomas Malone Mrs. Patricia McCutcheon Mr. Kenneth Millen Rev. and Mrs. Henry W. Miracle Dr. and Mrs. Charles Z. Moore Mrs. Juanita Nicholson Rev. and Mrs. Jerry Nunes Mr. and Mrs. Thomas H. Oster Rev. and Mrs. Tim Owen Mrs. Frances Parrish Rev. and Mrs. Todd Parrish Mrs. Shannon S. Pavnick Dr. Robert E. Picirilli Mr. and Mrs. John W. Pinson Mr. and Mrs. John C. Powelka Dr. and Mrs. Roger G. Russell, Jr. Rev. and Mrs. Brad Ryan Mr. and Mrs. Carl D. Short Mrs. Karen M. Sparks Mr. and Mrs. Greely D. Stafford Chaplain and Mrs. Kerry M. Steedley Rev. and Mrs. Steven L. Swango Mr. Gregory P. Swensen Chaplain and Mrs. Roy C. Swisher Mr. and Mrs. Mark Tart Rev. Billy B. Walker WE LC H C O LLE GE | A N N UA L R EPO RT 2 02 2

Ms. Pamela B. Westerman Mr. and Mrs. Harold R. Williams Mr. and Mrs. Marvin E. Willoughby Dr. Melvin Worthington Dr. and Mrs. Milton Worthington Dr. and Mrs. Frederick L. Yerby Mr. and Mrs. John G. Zubor

FRIENDSHIP CIRCLE $250 - $999 Mrs. Josephine S. Adams Mr. and Mrs. A. C. Allen Rev. and Mrs. Derek Altom Mr. and Mrs. Michael L. Armstrong Mr. and Mrs. Phillip Ashcraft Rev. and Mrs. Leonard C. Ball Ms. Julie M. Banner Ms. Molly Barker Rev. and Mrs. Joseph W. Beckon Ms. Frances C. Bell Rev. and Mrs. Paul G. Bevan Mr. and Mrs. Mitch Beverly Mrs. LaDonna Blades WELCH . EDU

Rev. and Mrs. Ronnie Blanks Mrs. Verla Blowe Mr. and Mrs. Max Bolin Mr. and Mrs. Rodney D. Bowen Mr. and Mrs. Richard W. Bowers Ms. Hilda J. Boyd Mr. and Mrs. Burl Brewer Mr. and Mrs. James O. Brewer Mrs. Patsy Brooks Mr. and Mrs. David L. Brown Donald Brown Memorial Endowment Mr. Joe C. Brown Ms. Kay F. Brown Ms. Mindy Brown Mr. and Mrs. Edgar J. Brumfield Mr. and Mrs. Larry N. Bryan Mr. and Mrs. Preston F. Bryan Mr. and Mrs. Robert T. Bryan Mr. and Mrs. Paul R. Bryant Rev. and Mrs. Randy Bryant Dr. and Mrs. Seldon Buck Mr. and Mrs. Robert Burroughs Mr. and Mrs. Kevin Buttry Rev. and Mrs. Timothy G. Campbell

Mrs. Betty Capps Mrs. Gwen Carraway Mr. and Mrs. John L. Carter Mr. and Mrs. Robert T. Carter Mr. and Mrs. Robert V. Castile Rev. and Mrs. Jeffrey L. Caudill Mr. and Mrs. David O. Chamberlin Mr. and Mrs. Dennis A. Chamberlin Ms. Doris Jean Chamberlin Mrs. Donna Clark Mr. and Mrs. Gary F. Clark Mrs. Kay Clark Mrs. Elaine P. Coates Dr. and Mrs. Jeffrey L. Cockrell Mrs. Mary Ann Coker Mr. and Mrs. Ted E. Collier Rev. and Mrs. Chris Compton Mr. and Mrs. Charles F. Cox Dr. and Mrs. James Cox Mr. and Mrs. Benjamin C. Crabtree Mrs. Rhoda Creech Lt. Col. and Mrs. Larence R. Cusick Mrs. Margaret Daniels Mr. and Mrs. Marvin L. Deaver 17

D ONORS

Mr. and Mrs. Paul R. Drake Mr. and Mrs. Edward E. Driggers Mr. and Mrs. Laron L. Dye Dr. and Mrs. Kenneth P. Eagleton Mr. and Mrs. Stephen P. Eagleton Mr. and Mrs. Michael T. Easley Dr. and Mrs. Mike Edwards Rev. and Mrs. Gregory R. Fawbush Rev. and Mrs. Justin Feight Mr. and Mrs. Waymon Fields Mr. and Mrs. Kelly Folsom Mr. Charles A. Francen Mr. Robert Freeman Mr. and Mrs. Joseph E. Gilliam Mr. and Mrs. Michael L. Gillin Mrs. Lena T. Golding Rev. and Mrs. Walter E. Gragg Mr. and Mrs. Richard Carl Gregory Mr. Branton Grimes Rev. and Mrs. Shiloh C. Hackett Ms. Debra R. Haddock Mr. Harold B. Hall Rev. and Mrs. Joseph Hall Mr. Thurman B. Hall II Mr. and Mrs. Watson Hall Mr. and Mrs. Kenneth M. Hampton Mrs. Margaret A. Hampton Ms. AnnaGee C. Harris Mrs. Kathryn K. Hayes Rev. and Mrs. Edwin L. Hill Rev. and Mrs.Edward L. Hodges, Jr. Ms. Carol D. Holland Mrs. Betsy Horner Rev. and Mrs. Russell D. Houske Ms. Barbara Jean Howard Mr. and Mrs. Zachary A. Howell Mrs. Rudene J. Hucks Ms. Charity D. Humbles Mr. and Mrs. Brian T. Hurst Mrs. Marian V. James Mr. and Mrs. Samuel F. Johnson Mr. and Mrs. Ernest Joyce Rev. and Mrs. Jonathon S. Justice Mr. and Mrs. Kevin M. Justice 18

Ms. Bernadene Little Kemble Dr. and Mrs. James Kilgore Mr. Gerald R. Kirby Mrs. Betty Lambert Rev. and Mrs. Earl R. Langley Mr. Dennis Latshaw Mr. and Mrs. Donald G. Lee Ms. Shirley Lee Mrs. Carolyn H. Lemaster Rev. and Mrs. Ernie Lewis Mr. and Mrs. James A. Lewis Mr. Jonathan Lewis Mr. and Mrs. Tommy E. Lewis Rev. Duane Littlefield Rev. Thomas A. Lovett Mr. Charles Maness Dr. and Mrs. Jeffery A. Manning Mr. and Mrs. Matthew Markins Dr. and Mrs. Matthew J. McAffee Mr. and Mrs. Roland L. McBride Mr. Carl D. McCabe Mr. and Mrs. John M. McCall Mr. Bill F. McKinney Mrs. Olena McLain Mr. and Mrs. Samuel P. McVay Mrs. Frances King Metcalf Mr. Larry Miley Mrs. Sammie Montgomery Mr. and Mrs. Hamlee H. Moon Rev. and Mrs. Phillip T. Morgan Mrs. Velma L. Moseley Rev. and Mrs. Steve Nichols Mr. John E. O’Neal Dr. and Mrs. William Stanley Outlaw Mr. and Mrs. Jared A. Owen Dr. and Mrs. Jesse F. Owens Mr. and Mrs. Joshua R. Owens Rev. and Mrs. Frank Owens, Jr. Mr. and Mrs. Lee A. Penn Mr. and Mrs. Malcolm Peterson Rev. and Mrs. Judson Phenicie Mr. and Mrs. Timothy L. Pierce Mr. Daniel A. Plunkett Mr. and Mrs. David C. Pool

Rev. and Mrs. Joseph P. Postlewaite Mr. and Mrs. David L. Rackley Rev. and Mrs. Jerry L. Rackley Mr. and Mrs. Skeeter Redmon Mr. and Mrs. John W. Riddle, Jr. Mr. and Mrs. Stephen Rigdon Rev. and Mrs. Ivan L. Ryan Mr. Darryl Scott Rev. and Mrs. Theron B. Scott Mr. and Mrs. William R. Scurlock Ms. Ramona Kaye Sessoms Rev. and Mrs. David Shores Mr. Jimmy J. Simons Rev. and Mrs. Kenneth D. Simpson Mr. and Mrs. Thomas L. Slamans Mr. Daniel L. Smith Mr. and Mrs. Ryan Smith Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. John R. Stanley Mr. and Mrs. Gary Stephens Mr. Larry Stephens Mr. and Mrs. Terry L. Stephens Mr. and Mrs. Paul D. Tackett Mr. and Mrs. Christopher Talbot Rev. and Mrs. Jim B. Taylor Mr. and Mrs. Stephen R. Teague Mr. and Mrs. Michael T. Thompson Mrs. Dianne Tippett Mr. and Mrs. Danny J. Trail Ms. Patsy Vanhook Mr. and Mrs. Frankie S. Walker Mr. Stanley L. Wall Mr. and Mrs. Eric Watkins Dr. and Mrs. W. Jackson Watts Mr. and Mrs. Taylor E. Watts, Jr. Ms. Barbara Williams Ms. Donna Williams Ms. Marjorie L. Williams Mr. and Mrs. Michael Williford Ms. Betty J. Willis Rev. and Mrs. Eugene Workman Mrs. Linda C. Wrightson

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BOARD OF TRUSTEES MR. MIKE ARMSTRONG Secretary Educator Wheelersburg, OH DR. WILL BEAUCHAMP Vice Chairman Pastor, First Free Will Baptist Church of Tampa Seffner, FL DR. JEFF CRABTREE Chairman Pastor, Serenity Free Will Baptist Church Fredericton, New Brunswick, Canada REV. TIM CAMPBELL Pastor, First Free Will Baptist Church Walnut Ridge, AR

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REV. SHILOH HACKETT Pastor, Bethlehem Free Will Baptist Church Ashland City, TN REV. WAYNE MIRACLE Pastor, New Life Fellowship Free Will Baptist Church Statesboro, GA REV. BRAD RYAN Pastor, Ina Free Will Baptist Church Ina, IL REV. THERON SCOTT Pastor, Horse Branch Free Will Baptist Church Turbeville, SC REV. CHRIS TRUETT Pastor, Bethel Free Will Baptist Church Kinston, NC

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A TRADITION OF EXCELLENCE. A FUTURE OF OPPORTUNITY.

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TORCHBEARER CLUB Mr. and Mrs. Willie V. Adams Mr. and Mrs. A. C. Allen Mr. and Mrs. J. W. Allen Rev. and Mrs. Derek Altom Alvy’s Auto Electric Mr. and Mrs. Phillip Ashcraft Rev. and Mrs. Leonard C. Ball Ms. Julie Banner Ms. Molly Barker Rev. and Mrs. Joseph W. Beckon Mr. Edwin L. Beem Mrs. LaDonna Blades Rev. and Mrs. Ronnie Blanks Mr. and Mrs. Max Bolin Mr. and Mrs. Rodney D. Bowen Mr. and Mrs. Richard W. Bowers Mr. Matt and Dr. Sarah Bracey Mr. Eric A. Brant Mr. and Mrs. Burl Brewer Mrs. Patsy Brooks Mr. Joe C. Brown Mr. and Mrs. David L. Brown Donald Brown Memorial Endowment Ms. Mindy Brown Mr. and Mrs. Edgar J. Brumfield Mr. and Mrs. Robert T. Bryan Mr. and Mrs. Larry N. Bryan Rev. and Mrs. Randall A. Bryant Rev. and Mrs. Paul R. Bryant Dr. and Mrs. Seldon Buck Mr. and Mrs. Robert Burroughs Mr. and Mrs. Kevin Buttry Ms. Gale Cales Rev. and Mrs. Timothy G. Campbell Mrs. Betty Capps Mr. and Mrs. James R. Carr Mrs. Gwen Carraway Mr. and Mrs. Robert V. Castile Rev. and Mrs. Jeffrey L. Caudill Miss Doris J. Chamberlin Mrs. Donna Clark Mrs. Kay Clark Mr. T. Ross Clark Mr. and Mrs. Gary F. Clark Rev. and Mrs. Russell Clouse Mrs. Elaine P. Coates Dr. and Mrs. Jeff Cockrell Rev. and Mrs. Christopher J. Compton Cove City Free Will Baptist Church (NC) Mr. and Mrs. Charles F. Cox Ms. Rhoda Creech

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Mr. Gregory Croxton Mr. and Mrs. Daniel M. Dean Mr. and Mrs. Marvin L. Deaver Decatur First Free Will Baptist Master’s Men Ms. Gwen Dismuke Mr. Thomas Douglas Mr. and Mrs. Paul R. Drake Mr. and Mrs. Edward E. Driggers Ms. Carol R. Dubose Mr. and Mrs. Laron L. Dye Mr. and Mrs. Stephen P. Eagleton Dr. and Mrs. Kenneth P. Eagleton Ebenezer Free Will Baptist Church (FL) Dr. and Mrs. Mike Edwards Rev. and Mrs. William W. Evans Rev. and Mrs. Gregory R. Fawbush Mr. and Mrs. Ronald W. Ferrell Dr. Milton B. Fields Mr. and Mrs. Waymon Fields Mr. and Mrs. Kelly Folsom Mr. and Mrs. James S. Futrell Mr. and Mrs. Michael L. Gillin Mr. and Mrs. Joseph A. Goodfellow Mr. and Mrs. John A. Gorrell Mr. and Mrs. Richard C. Gregory Rev. and Mrs. Shiloh C. Hackett Ms. Debra R. Haddock Mr. Harold B. Hall Rev. and Mrs. Joseph Hall Mr. and Mrs. Watson Hall Mr. Jules Hancart Ms. AnnaGee C. Harris Ms. Carolyn F. Head Mr. and Mrs. Barney D. Hicks

Rev. and Mrs. Edward L. Hodges, Jr. Ms. Carol D. Holland Mrs. Betsy Horner Rev. and Mrs. Russell D. Houske Ms. Barbara Jean Howard Ms. Charity D. Humbles Mr. and Mrs. Jimmy Hunter Mr. and Mrs. Brian T. Hurst Mrs. Marian V. James Col. and Mrs. Mark Johnson Mr. and Mrs. Nathan Paul Johnson Rev. and Mrs. Jonathon S. Justice Mr. and Mrs. Kevin M. Justice Dr. and Mrs. Paul G. Ketteman Dr. and Mrs. James Kilgore Mr. Gerald R. Kirby Rev. and Mrs. Earl R. Langley Ms. Shirley Lee Mr. and Mrs. Donald G. Lee Mrs. Carolyn Hasty Lemaster Rev. and Mrs. Ernie L. Lewis Mr. and Mrs. Tommy E. Lewis Mr. Jonathan Lewis Rev. Duane Littlefield Rev. Thomas A. Lovett Ms. Nancy Z. Maddox Mr. Charles K. Maness Dr. and Mrs. Jeffrey A. Manning Mrs. Eunice R. Massengill Mr. and Mrs. Rick Mayo Dr. and Mrs. Matthew J. McAffee Mr. and Mrs. James W. McBride Mr. and Mrs. John M. McCall Mr. Bill F. McKinney

An education at Welch College changes the lives of the students. It also changes the lives of the people they influence for years to come. Welch College students, alumni, and faculty carry the commitment to serve Christ beyond our campus by reaching people in our community, nation, and the farthest points on the globe.

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Mr. and Mrs. Paul D. Tackett Mr. and Mrs. Christopher Talbot Mr. and Mrs. Jim B. Taylor Mr. and Mrs. Stephen R. Teague Mr. Casey Telling Mrs. Dianne Tippett Mr. and Mrs. Danny J. Trail Ms. Patsy Vanhook Rev. and Mrs. Bill VanWinkle Mr. Stanley L. Wall Mr. and Mrs. Eric Watkins Dr. and Mrs. W. Jackson Watts Ms. Donna Williams Mr. and Mrs. Harold R. Williams Rev. and Mrs. David Williford Mr. and Mrs. Michael Williford Ms. Betty J. Willis Rev. and Mrs. Eugene Workman Mr. and Mrs. Gary W. Wright Mrs. Linda C. Wrightson

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Dr. Robert E. Picirilli Mr. and Mrs. Timothy L. Pierce Mr. and Mrs. John W. Pinson Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. David C. Pool Rev. and Mrs. Joseph P. Postlewaite Mr. and Mrs. John C. Powelka Mr. Nolan E. Purcell Mr. and Mrs. David L. Rackley Mr. and Mrs. Skeeter Redmon Rev. and Mrs. Brad Ryan Rev. and Mrs. Ivan L. Ryan Mr. and Mrs. Thomas A. Sass Rev. and Mrs. Theron B. Scott Mr. Darryl Scott Mr. Walter R. Scott Mr. Jimmy J. Simons Rev. and Mrs. Kenneth D. Simpson Mr. and Mrs. Ryan Smith Mrs. Karen M. Sparks Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. John R. Stanley Mr. and Mrs. Gary Stephens Mr. and Mrs. Terry L. Stephens Mr. Larry Stephens

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Mrs. Olena McLain Mr. and Mrs. Samuel P. McVay Mrs. Frances King Metcalf Mr. Kenneth Millen Rev. and Mrs. Wayne Miracle Mrs. Sammie Montgomery Mr. and Mrs. Hamlee H. Moon Mr. and Mrs. Phillip T. Morgan Mrs. Velma Moseley Ms. Debra Motte Rev. and Mrs. Steve Nichols Mrs. Juanita S. Nicholson Rev. and Mrs. Jerry Nunes Mr. John E. O’Neal Mr. and Mrs. Thomas H. Oster Rev. and Mrs. Tim D. Owen Mr. and Mrs. Jared A. Owen Mr. and Mrs. Joshua R. Owens Rev. and Mrs. Jesse F. Owens Rev. and Mrs. Frank Owens, Jr. Rev. and Mrs. F. Todd Parrish Drs. Greg and Etta Patterson Mrs. Shannon S. Pavnick Mr. and Mrs. Lee A. Penn Rev. and Mrs. Judson Phenicie

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REVENUES & EXPENDITURES REVENUES

EXPENSES

Unrestricted Funds

Unrestricted Funds

TOTA L REVENUES

TOTA L EXPENSES

$9,870,089

$8,369,075

Tuition and Fees......................................... $2,166,418

Instructional............................................... $1,815,174

Welch Fund................................................ $1,606,986

Academic Support......................................... $630,929

Unrestricted Gifts—Large/One-time.......... $2,060,740

Student Services......................................... $1,205,224

Estate Gifts.................................................... $513,086

Institutional Support................................. $2,324,508

Government Grants and Contracts................ $740,982

Plant Maintenance........................................ $739,234

Other Income................................................. $28,189

Interest Expense............................................ $772,523

Investment, Endowment, and Misc................. $53,504

Auxiliary....................................................... $881,483

Auxiliary Enterprises.................................. $1,038,311 Changes in Net Assets (Operating Activity)........ $1,603,329 Changes in Net Assets (Nonoperating Activity)........ $58,545

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1045 Bison Trail Gallatin, TN 37066

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