2012 FWBBC ANNUAL REPORT

Free Will Baptist Bible College

2012 Annual Report

our mission

2

Free Will Baptist Bible College

To educate leaders

to serve Christ, His Church, and His world through Biblical thought and life.

Free Will Baptist Bible College

2012 President’s Report I recently opened a prayer letter to college supporters with the famous quote from Charles Dickens’s classic Tale of Two Cities “It was the best of times; it was the worst of times.” I don’t think there’s a better phrase to describe the environment swirling around Free Will Baptist Bible College right now.

J. Matthew Pinson

President

In terms of quality and mission fulfillment, it’s the best of times at Free Will Baptist Bible College. Yet quantitatively (finances and enrollment) we are in difficult times.

Difficult Times As in the past few years, economic forecasters like Moody’s Investors Service are saying 2012 will be another very difficult year for small private colleges like ours. We’re in the middle of the worst economy the college has ever faced. Even though our ministry student enrollment and Tennessee student enrollment have maintained stability, out-of-state and non-ministry enrollment have declined, as students stay home for lower-cost options at state schools, just as Moody’s and other forecasters predicted.

Like many other ministries inside and outside our denomination, giving has suffered the past few years. Despite added personnel and initiatives which have increased annual fund giving from last year to this year, we received around $130,000 less than we budgeted in annual fund gifts. Even while we have more personnel on the road talking to our people about giving, our supporting churches and donors have been hit hard by the economy and have had to scale back their outside giving, including to FWBBC.

Another factor in our financial difficulty is that we had to award about $140,000 more in scholarships because of the unexpected number of highachieving freshmen last fall.

The silver lining behind these dark clouds is that dorm enrollment and full-time enrollment increased slightly this past year. However, we lost heavily in commuter enrollment. Increasingly, adult students are afraid to relocate their families to Nashville, try to sell their homes, and find new jobs, when they have so many accredited online bachelor’s degrees in ministry available to them right now. This has led us to move toward the offering of an online bachelor’s degree in ministry.

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The most difficult blow to the college’s cash flow has been the unanticipated change in federal regulations, directly tied to market fluctuations, requiring the college to pay out approximately $825,000 over the past three years to bring our pension plan up to full funding.

This has cost the college over $500,000 in unexpected expense over the past three years.

We are not alone in this dilemma. General Motors, for example, was underfunded by $13.3 billion at the end of 2011.

Our actuarial consultant has told us that most of the oldfashioned defined benefit pension plans have been terminated or are undergoing termination. We had no way of predicting this change in federal regulations, and we simply did not have a funding source for this extra cash expense. Now it is catching up to us.

Because of the above conditions, we are currently facing a large cash shortfall. The college has not faced these sorts of cash flow issues since the early 1990s, when the institution was drawing on a line of credit, as it is currently doing.

Applications for enrollment are similar to last year, and we project another increase in freshmen and transfer students. Yet, having graduated the largest senior class in four years, we don’t predict an increase in overall enrollment next year. However, we have made substantial budget reductions in order to achieve a balanced budget for the upcoming 2012-2013 fiscal year.

Strategic Recovery Plan In its May meeting, the Board of Trustees approved a Strategic Financial Recovery Plan presented by the college administration. That plan involves reducing expenditures, which includes lower debt service resulting from the sale of homes between now and the time the college relocates. These sales of tangential, nonstudent-oriented houses will go directly to pay off debt and create a cash reserve for liquidity that will later go toward campus relocation.

Other expenditure reductions include the termination of our pension plan, which will enable us to save several hundred thousand dollars in pension payments over the next few fiscal years. The Recovery Plan also involves new initiatives, chiefly:

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Free Will Baptist Bible College

the college name change which will be voted on during this 2012 annual convention; the expansion of online degree programs in 2013 and 2014; and the addition of master’s degree programs in theology and ministry, teaching, and educational leadership in 2013.

Enrollment Shifts With the decline in the enrollment of married students who fear they can’t sell their homes, find new jobs, and relocate their families to Nashville to attend the college—and who now have numerous accredited online degree options in ministry—the college plans to expand its online degree offerings to rebuild this part of our student population.

A study of colleges and universities in TICUA (Tennessee Independent Colleges and Universities Association) shows that, as a whole, they are

growing in enrollment. However, this growth has come, not from traditional undergraduate students, but from students in non-traditional, graduate, and professional programs. We are responding to these shifts in the higher education market by adding programs in the non-traditional, graduate, and professional areas.

Name Change Of course, the most important new initiative is our proposed name change.

The 2011 survey we conducted among pastors, alumni, donors, faculty and staff, students, and prospective students showed that 70% of respondents agree with the name change (10% undecided, 20% disagree), while 85% of respondents who are supporting alumni agree with it (6% undecided, 9% disagree). The study also showed that college supporters will increase their gift aid and sending of students should the name change. We have been encouraged by this level of support for the name change and request that the national body vote affirmatively to change the college name to Welch College at the 2012 annual convention.

The name change will help more Free Will Baptist students who want to major in competitive professional programs to attend the college. This will in turn put more of them in a campus environment in which they can be sensitive to the call of God on their lives for vocational Christian ministry. Furthermore, a change to Welch College will provide more of our graduates access to closed and restricted access countries for missions and evangelism.

The name change will not change the mission, philosophy, standards, or theology of the college. Only the National Association—which alone owns, operates, and controls the college through its Board of Trustees, which the National Association elects—can do that.

“We have been

encouraged

by the level of

support for the

name change...”

Mission-Driven One of the most important things we must do in this time of economic challenge is to re-emphasize the mission to which God has called us, and increase the excellence with which we fulfill that mission. There is no question that we are doing this and will continue to do so. We have a better record of increasing excellence and mission fulfillment—and officially documenting and assessing it—than at any time in the college’s history.

We remain a ministry-centered college, with a core mission of training people for local church ministry. Despite the facts (1) that young men are not answering the call to preach as early or in as great numbers as in the past and (2) that most married men who are answering the call to preach are not relocating to Nashville, our students who are training to be preachers and missionaries remain our basic ministry, not only in numbers but in the way we structure campus life and spiritual information.

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“...this year we graduated

more pastoral majors than in 20 of the last

25 years.”

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Free Will Baptist Bible College

For example, this year we graduated more pastoral majors than in 20 of the last 25 years. While higher education indicators point to an increase in overall enrollment as a result of the name change, we as a college are committed to maintaining emphasis on vocational Christian ministry and on the role of all students in the local church and the fulfillment of the Great Commission, regardless of their major.

One of the most urgent needs among Free Will Baptists today is for more young men to answer the call to preach. Please understand—FWBBC has the staff, the resources, and the programs in place to educate and train preachers. But we cannot call men to preach. That’s something only God can do. He has done it before, and I believe He will do it again, if we pray and ask God to call more of our sons into the ministry. That’s why I’m asking people at every level of our denomination, from the local church to the local and state associations to the national agencies, to join with us and plead for the Lord of the harvest to call more of our young men to preach and send them forth as laborers into this harvest.

Our initiation of a master’s degree in theology and ministry––and our dream of a full-fledged Free Will Baptist theological seminary––will further contribute to our goal of being a local church, Great Commission, ministry-centered college with the mission of educating godly leaders to serve Christ, His Church, and His world through biblical thought and life.

Increasing Excellence We are committed to fulfilling this mission with increasing excellence.

• Our commitment to Christ-centered excellence is why we receive such

• •

•

• • •

high marks from our accrediting bodies, the Association for Biblical Higher Education (ABHE) and the Southern Association of Colleges and Schools (SACS).

We’re moving up in the U.S. News and World Report Best Colleges rankings; this year we tied with colleges that have 14 times and 33 times the endowment we have, respectively.

For the first time ever, our students scored higher than the national average in every category of the senior exit exam, the Collegiate Assessment of Academic Proficiency, not only in writing, reading, and critical thinking— where we’ve always done well—but now, for the first time, in math and science.

For the first time, we sent a student group to the Tennessee Intercollegiate Student Legislature, and our student body president, Frank Thornsbury, was named “Best Student Senator” out of hundreds of delegates from 60 Tennessee colleges and universities.

Despite our salary, benefits, and other budget cuts, faculty and staff morale is reflected positively in the college’s being named as one of America’s Best Christian Workplaces for the first time.

We receive higher and higher ratings on surveys of prospective students who visit our campus, as well as Forum/Bible Conference guests.

Our recent Noel-Levitz student satisfaction survey indicated that our students gave us higher marks than two years ago, which were higher than the two years previous. And these marks are much higher than the industry average.

A recent luncheon I hosted with the FWBBC Student Council confirmed that our students are very thankful for their college experience and what God is doing on this campus to prepare them to be Christian leaders and to fulfill His calling on their lives. These sentiments were echoed in this year’s senior testimonies. That is why we do what we do.

I reminded some faculty recently that, even though we have fewer students than in 2006-2007 (when we had a 22-year record high enrollment), the students we have are still called by God, and they’re serious-minded and zealous about the gospel and the Word of God, and the power of that gospel and Word to change

lives. Our mission is alive and well at Free Will Baptist Bible College, and we are increasing our excellence and commitment to our mission to the glory of God. We will weather the storm of this current economy through wisdom, hard work, and (most of all) God’s grace. Day by day, we are going to remain faithful in fulfilling our mission to produce godly Free Will Baptist leaders who will radically change their world for Christ. And we will see the fruit of our labors in decades to come as people are brought into the kingdom and the Lord’s church is built as a result of these precious students God has entrusted to our care.

Thank You I thank God for the National Association of Free Will Baptists, our alumni, and all the faithful supporters of the ministry of Free Will Baptist Bible College. Thank you for all you are doing to strengthen the college as we stay on mission for God’s glory, the expansion of His kingdom, and the honor of His name.

Sincerely,

J. Matthew Pinson President

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FACULTY HONORS Ron Callaway led two mission trips to Cuba in the past 12 months—October 2011 and May 2012. During the October trip, he served as translator for FWBBC provost Dr. Greg Ketteman at the Cedars of Lebanon Seminary. Callaway returned to Cuba and the Seminary for two weeks this spring where he served as translator for North Carolina pastor Dr. Eddie Moody. Mr. Callaway also taught a class at the Seminary in May. Leroy Forlines presented a paper at the 2011 Theological Symposium at Hillsdale College. He will be stepping down after 50 years as chairman of the Commission for Theological Integrity of the National Association of Free Will Baptists.

Dr. Kevin Hester was named to the Editorial Review Committee of Biblical Higher Education Journal, a publication of the Association for Biblical Higher Education (ABHE). He was publicly commended during the 2012 ABHE annual meeting for leadership in FWBBC’s response document resulting in 10-year reaccreditation. He was appointed FWBBC’s director of institutional planning and assessment, and presented a paper at the 2011 Theological Symposium at Hillsdale College.

Dr. Greg Ketteman served as an evaluator for both ABHE and SACS (Southern Association of Colleges and Schools), FWBBC’s accrediting agencies that determine accreditation of colleges.

He spent a week in Cuba with Missions Program Coordinator Ron Callaway teaching a course in school administration at Cedars of Lebanon Seminary.

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Free Will Baptist Bible College

John Murray led preaching trips to North Carolina, Florida, Ohio, Georgia, and East Tennessee. He traveled thousands of miles with FWBBC student preachers, introducing them to pastors and churches, resulting in a number of professions of faith and spiritual commitments.

President Matt Pinson was featured in a front-page article about feet washing in The Tennessean newspaper on Easter Sunday morning. He participated in a panel discussion at Southern Baptist Theological Seminary (Louisville) during the April Together for the Gospel conference. Pinson also wrote a chapter in a book published by Baker Academic, Evangelicals and Nicene Faith, edited by Timothy George, and had an article on Free Will Baptist theology published in New Orleans Baptist Seminary’s Journal for Baptist Theology and Ministry.

Carol Reid was elected to the Board of Directors for the Foundation for the Advancement of Christian Librarians. She led a workshop (“Library and Other Resources”) during the 2012 ABHE meeting and wrote an article for The Christian Librarian, the journal of the Association of Christian Librarians.

Dr. Garnett Reid wrote a book entitled Intentional Integrity, published by Randall House Publications. He writes the “Intersect” column for ONE Magazine. He was selected to speak Sunday morning during the 2012 Free Will Baptist national convention. Reid published a book review in the Journal of the Evangelical Theological Society.

Tina Tolbert led a mission trip to Panama with seven FWBBC students during spring break.

FACULTY And Staff Transitions Tom Sass transitioned to a part-time role as vice president and senior financial counsel in January after 40 years of faithful service at FWBBC. He continues as a member of the President’s Leadership Team. Sass began working in the FWBBC Business Office in 1972 after serving two years with the U.S. Navy’s legal division. He is a deacon at Cofer’s Chapel Free Will Baptist Church and three times chaired the board at Nashville Rescue Mission. He currently chairs the Tennessee Child Evangelism Board.

Craig Mahler was named vice president for financial affairs, succeeding Tom Sass. He had served as the college’s comptroller since 2006. An ordained minister, Mahler is youth minister at Carthage Free Will Baptist Church (Tennessee). Craig is a 2004 honors graduate of Tennessee Technological University.

Jeff Bennett was named business associate last fall and moved into the comptroller’s role in January. Jeff is a West Virginia native, son of a Free Will Baptist minister, and editor of The Messenger, West Virginia’s state paper. He served 10 years with the West Virginia Educational Broadcasting Authority—five years as procurement officer and accountant and five years as master control operator. He also worked three years with Appalachian Laboratories, Inc. Gary Fry became vice president for church relations in January.

The long-time pastor led congregations 30 years before accepting executive director duties with the Missouri State Association of Free Will Baptists in 2004 where he also served as editor of GEM Magazine. Gary served 12 years on the FWBBC Board of Trustees, ten years as chairman. He was selected to preach at the 2012 Preaching Conference during the Free Will Baptist national convention.

Mrs. Clara Picirilli, wife of Dr. Robert Picirilli, and a 20-year employee of FWBBC (1979-1999), died March 21 at age 78. Mrs. Picirilli served as secretary in the treasurer’s office, secretary to the Christian service director, and in other roles.

Dr. Darrell Holley remains on emergency leave of absence from his duties as chair of the English Department in order to care for his mother in Florida. A member of the FWBBC family since 1994, Dr. Holley served in a part-time teaching role this past year and will continue those duties in the 2012-2013 academic year.

Stephen Nelson joins the college’s communications and marketing team this fall as a part-time editorial assistant. The North Carolina native graduated from FWBBC in 2012 with a B.A. degree in English and plans to begin studies for a master’s degree. Stephen served as resident assistant in Goen Hall, played on the Flames basketball team, and was named to the Who’s Who Among Students in American Colleges and Universities.

Josh Owens was named director of media and marketing this spring, another part-time role that we hope to see go full time as soon as possible. The 2008 FWBBC graduate serves as assistant pastor at Sylvan Park Free Will Baptist Church (Nashville) where his father Frank Owens pastors. Josh is co-owner of J&J Lawn Care.

DR. KEN RIGGS and DR. JONATHAN ROGERS have been shifted to full-time status as the college transitions in program adjustments. Dr. Riggs has been named interim full-time Psychology program coordinator and also teaches some Teacher Education courses. Dr. Rogers has been made an interim fulltime English faculty member.

dr. Jack Williams, director of communications for the past seven years, shifted to a volunteer/mentor role effective June 2012. He will maintain a campus office and continue to mentor Stephen Nelson and Josh Owens as the transition progresses.

Williams joined the FWBBC staff in 2005 after 27 years with the Free Will Baptist Executive Office where he served as convention coordinator and editor of Contact magazine.

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2011-2012 Board of

Trustees

Mr. A. C. Allen

Businessman Effingham, South Carolina

Mr. Mike Armstrong Educator Wheelersburg, Ohio

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, Alabama

Rev. Billy Hanna

Pastor, First Free Will Baptist Church Albany, Georgia

Rev. Terry Pierce (Chairman) Pastor, Tupelo Free Will Baptist Church Tupelo, Mississippi

Rev. Rusty Russell, Jr.

Pastor, Peace Free Will Baptist Church Wilson, North Carolina

Rev. Ken Simpson (Vice-Chairman)

Pastor, Calvary Fellowship Free Will Baptist Church Fenton, Missouri

Rev. Mark Stripling (Secretary) Pastor, First Free Will Baptist Church North Little Rock, Arkansas

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Free Will Baptist Bible College

2011-2012 Annual

Registration Report 319 Total Enrollment

States

Other Categories

Vocational*

Alabama 12 Arizona 1 Arkansas 16 California 3 Florida 7 Georgia 9 Illinois 6 Indiana 7 Kansas 2 Kentucky 10 Louisiana 1 Michigan 15 Missouri 13 Mississippi 11 North Carolina 13 Ohio 12 Oklahoma 3 Oregon 1 South Carolina 4 South Dakota 1 Tennessee 105 Texas 2 Virginia 4 West Virginia 6 Wisconsin 1 International 54

Full-time 209 Part-time 110

Pastoral 26 Youth Ministry/Christian Ed. 21 Missions 18 Ministry Students (BS/ASM) 36 Business 24 English 12 Exercise Science 7 General Studies 12 History 5 Music 10 Psychology 21 Science/Nursing 9 Special 1 Teacher Education** 59 Non-degree Part-time 58

The student body represents 25 states (USA) and six other countries (Canada, Cuba, France, Japan, Kazakhstan, and Panama).

Freshman 90 Sophomore 71 Junior 38 Senior 61 Non-degree Part-time 58 Special 1

Male 174 Female 145 Single 224 Married 95 New 61 Returning 14 Continuing 161 Transfer 24 Non-degree Part-time 58 Special 1 Free Will Baptist 261 Other 58 Dorm 160 Commuter 60 Adult Degree Program 20 Lifetime Learning 57 Online 22

*There are some pastoral students listed in other majors. **Teacher Education includes these areas: Bible, Biology, Early Childhood, Elementary, English, History, Music, and Physical Education.

Classification

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11

2011-2012 Top

GIVING CHURCHES 1. Horse Branch Free Will Baptist Church

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Turbeville, SC

$ 55,277

2. First Free Will Baptist Church Albany, GA

$ 43,078

3. Lebanon Free Will Baptist Church Effingham, SC

$ 23,134

4. Donelson Free Will Baptist Church Nashville, TN

$ 19,090

5. First Free Will Baptist Church Russellville, AR

$ 14,962

6. Unity Free Will Baptist Church Greenville, NC

$ 14,624

7. Bethel Free Will Baptist Church Ashland City, TN

$ 10,325

8. Porter Free Will Baptist Church Sciotoville, OH

$ 10,081

9. First Free Will Baptist Church Dothan, AL

$ 9,845

10. Red Bay Free Will Baptist Church Red Bay, AL

$ 9,110

11. Crossroads Free Will Baptist Church Jenks, OK

$ 8,659

12. Cross Timbers Free Will Baptist Church Nashville, TN

$ 8,658

13. Tupelo Free Will Baptist Church

$ 8,250

Tupelo, MS

14. First Free Will Baptist Church Northport, AL

$ 7,888

15. New Hope Free Will Baptist Church Joelton, TN

$ 7,689

16. Garner Free Will Baptist Church Garner, NC

$ 7,585

17. Sherwood Forest Free Will Baptist Church New Bern, NC

$ 7,546

18. First Free Will Baptist Church Seffner, FL

$ 7,000

19. Peace Free Will Baptist Church

Wilson, NC

$ 6,000

20. Tippett’s Chapel Free Will Baptist Church

Clayton, NC

$ 5,915

21. Cofer’s Chapel Free Will Baptist Church Nashville, TN

$ 5,731

22. Piney Grove Free Will Baptist Church

Chipley, FL

$ 5,466

23. Head’s Free Will Baptist Church

Cedar Hill, TN

$ 5,416

24. Hyde Park Free Will Baptist Church Norfolk, VA

$ 5,150

25. Liberty Free Will Baptist Church Ayden, NC

$ 5,000

Free Will Baptist Bible College

26. Bethany Free Will Baptist Church

Timmonsville, SC

$ 4,825

27. Good Springs Free Will Baptist Church

Pleasant View, TN

$ 4,594

28. Westside Free Will Baptist Church Johnsonville, SC

$ 4,567

29. Liberty Free Will Baptist Church

$ 4,486

Marion, NC

30. Bethlehem Free Will Baptist Church Ashland City, TN

$ 4,435

31. Immanuel Free Will Baptist Church Durham, NC

$ 4,274

32. Temple Free Will Baptist Church

Winterville, NC

$ 4,183

33. First Free Will Baptist Church

Beaufort, NC

$ 4,150

34. Rocky Pass Free Will Baptist Church

Marion, NC

$ 3,898

35. Beulah Free Will Baptist Church

Pamplico, SC

$ 3,810

36. First Free Will Baptist Church

Walnut Ridge, AR

$ 3,745

37. Calvary Fellowship Free Will Baptist Church

Fenton, MO

$ 3,740

38. Fellowship Free Will Baptist Church

Kingsport, TN

$ 3,613

39. First Free Will Baptist Church Vernon, AL

$ 3,603

40. First Free Will Baptist Church

Checotah, OK

$ 3,548

41. Cookeville Free Will Baptist Church

Cookeville, TN

$ 3,500

42. Hamilton Free Will Baptist Church Hamilton, AL

$ 3,436

43. Hazel Dell Free Will Baptist Church Sesser, IL

$ 3,302

44. First Bible Free Will Baptist Church New Castle, IN

$ 3,065

45. Blue Point Free Will Baptist Church

$ 3,052

Cisne, IL

46. Evergreen Free Will Baptist Church Erwin, TN

$ 3,000

47. Bay Branch Free Will Baptist Church

Timmonsville, SC

$ 2,995

48. Sand Hill Free Will Baptist Church

Coward, SC

$ 2,792

49. Cross Creek Free Will Baptist Church Olive Branch, MS

$ 2,751

50. Pine Level Free Will Baptist Church Alma, GA

$ 2,751

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2011-2012 Top Giving

Associations

Fund Gifts

Arkansas State Association of Free Will Baptists.......................................... $26,807

Tennessee.............................................. $ 238,536 North Carolina..................................... $ 165,587 South Carolina...................................... $ 104,716 Oklahoma............................................. $ 81,060 Georgia................................................. $ 73,441 Arkansas................................................ $ 73,083 Alabama................................................ $ 71,372 Missouri................................................ $ 64,490 Florida.................................................. $ 43,836 Ohio..................................................... $ 29,847 Mississippi............................................ $ 28,707 Virginia................................................. $ 21,035 Illinois................................................... $ 20,968 Matching Gifts..................................... $ 17,670 Kentucky.............................................. $ 13,042 California.............................................. $ 11,382 Texas..................................................... $ 9,321 Michigan.............................................. $ 9,249 West Virginia........................................ $ 8,337 Indiana.................................................. $ 3,854 Kansas................................................... $ 2,317 Washington.......................................... $ 1,741 Virgin Islands........................................ $ 1,629 Iowa...................................................... $ 1,425 Maryland.............................................. $ 1,022 Canada................................................. $ 1,016 Pennsylvania......................................... $ 1,000 WNAC................................................. $ 994 Delaware............................................... $ 850 Louisiana.............................................. $ 600 Arizona................................................. $ 372 Idaho.................................................... $ 350 New Mexico......................................... $ 342 Hawaii.................................................. $ 342 Oregon................................................. $ 248 South Dakota....................................... $ 170 Utah...................................................... $ 163 Wyoming.............................................. $ 50 New York.............................................. $ 20 Colorado............................................... $ 10

Missouri State Association of Free Will Baptists.......................................... $25,867 Oklahoma State Association of Free Will Baptists.......................................... $22,130 Georgia State Association of Free Will Baptists.......................................... $10,650 Texas State Association of Free Will Baptists............................................ $5,691 Ohio State Association of Free Will Baptists............................................ $5,453 North Carolina State Association of Free Will Baptists............................................ $4,598 Tennessee State Association of Free Will Baptists............................................ $4,571 Arkansas Central Association of Free Will Baptists............................................ $3,295 Illinois State Association of Free Will Baptists............................................ $3,128 Florida State Association of Free Will Baptists............................................ $2,910 Arkansas Little Missouri River Association of Free Will Baptists......................... $2,810 Tennessee Liberty Association of Free Will Baptists............................................ $2,286 Michigan Fellowship Association of Free Will Baptists............................................ $2,092

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2011-2012 Annual

Free Will Baptist Bible College

Grand Total.........................................$1,104,194

CORPORATE DONORS & FOUNDATION GIFTS $20,000 +

Anonymous Davis Family Trust Do Unto Others Trust, Inc. ExxonMobil Foundation Free Will Baptist Foundation Raymond James Financial, Inc.

$10,000 - $20,000 (No donors in this category)

$5,000 - $10,000 Unum Group

$1,000 - $5,000

Anonymous Lane Physical Therapy Center, Inc. Lewis Letterworks Pinnacle National Bank Randall House Publications Rejoice Foundation SunTrust Foundation Matching Gift Program Wells Fargo Foundation

Under $1,000

Alvy’s Auto Electric Brown Sugar Cake Room Carmack Chiropractic Caterpillar Foundation Dave’s Custom Painting Grarock Trucking, Inc. Home Missions Department Church Extension Loan Fund Jennette Foods, Inc. Metavante Corporation

Minister Ministry National Home Missions Board Poston’s Trailer Repair LLC Price Investment Company R. W. Land and Timber Royal Cup Coffee Sesser Auto Body, Inc. Southern Way Realty, Inc. The Allstate Foundation The Beach Salon LLC

2012 | Annual Report

15

DONORS Founders Circle

Leadership Circle

Anonymous Mr. and Mrs. James W. Beasley Mrs. Oline S. Calvert Estate Mr. Troy Allen Calvert Mr. and Mrs. Carol K. Harvey Dr. and Mrs. Paul W. Inbody Mr. and Mrs. Gary W. Wright

Rev. and Mrs. Jimmy Aldridge Rev. and Mrs. Ronnie Blanks Rev. and Mrs. Preston F. Bryan Mr. and Mrs. James J. Cannon Mr. and Mrs. John L. Carter Rev. and Mrs. Russell Clouse Com. and Mrs. Robert P. Cooper Mr. Barry A. Dail Mrs. Evelyn P. Dail Mrs. Sandra Dempsey Rev. and Mrs. Galen F. Dunbar Capt. Edmond B. Ferguson Mr. and Mrs. Ronald W. Ferrell Mr. and Mrs. J. Bradford Fisher Rev. and Mrs. Terry Forrest Rev. and Mrs. Gary W. Fry Rev. and Mrs. Walter L. Frye, Jr. Mr. and Mrs. Watson Hall Rev. and Mrs. Ralph C. Hampton, Jr. Mr. and Dr. Dale Harris Rev. and Mrs. Edwin L. Hill Rev. and Mrs. A. L. Hines Rev. and Mrs. Bobby R. Jackson Mr. and Mrs. Jason King Mr. and Mrs. Dell D. Lamm Dr. Dianne Bilbrey Lawrence Rev. and Mrs. Donovan E. Maxwell Mr. Carl D. McCabe Mr. and Mrs. David D. Mishler Mr. and Mrs. Marvin L. Mouser Mrs. Howard T. Munsey Rev. and Mrs. John D. Murray, Jr. Mrs. Juanita Nicholson Rev. and Mrs. Michael A. Oliver Mr. and Mrs. Thomas H. Oster Rev. and Mrs. Billy Gene Outland Mrs. Peggy M. Overbey Rev. and Mrs. Sterl D. Paramore, Jr. Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. John C. Powelka Mr. and Mrs. Milburn L. Proctor Dr. and Mrs. Garnett H. Reid Rev. and Mrs. Rusty Russell Mr. and Mrs. J. Wayne Salyer Mr. and Mrs. Leon Sandifer, II Rev. and Mrs. Barry R. Simpson Rev. and Mrs. William P. Sitton Mr. and Mrs. Donald L. Smith Mr. and Mrs. D. M. Tart

($20,000 +)

Legacy Circle

($10,000-$19,999) Mr. and Mrs. Benjamin S. Evans Mr. Tom Keifer Mr. and Mrs. W. C. Moore Mrs. Regina Y. Rose

Heritage Circle

($5,000-$9,999) Miss Mary V. Carter Rev. and Mrs. William W. Evans Mrs. Lois Hudson Mrs. Barbara N. Lamberson Mr. and Mrs. Nelson Lamberson Mr. Tommy Lamberson Dr. Robert E. Picirilli Mr. and Mrs. Thomas A. Sass

Executive Circle

($2,500-$4,999)

Anonymous Mr. and Mrs. A. C. Allen Mr. and Mrs. Robert T. Carter Mr. and Mrs. Curtis D. Cone, Sr. Mr. and Mrs. Jack S. Forlines Dr. and Mrs. Richard Frazier Rev. and Mrs. Phillip Jones Dr. and Mrs. Greg Ketteman Dr. and Mrs. C. Thomas Malone Miss Lesa G. Parker Rev. and Mrs. C. Wayne Perry Dr. and Mrs. Charles A. Thigpen Mrs. Dianne Tippett Rev. and Mrs. Fred M. Warner Dr. and Mrs. Melvin Worthington Dr. and Mrs. Frederick L. Yerby

16

All gifts to Free Will Baptist Bible College are deeply appreciated. However, gifts sent through churches and/or associations may not come with the identification of individual donors.

Therefore, the list below is of those who gave directly to the college or whose gifts arrived individually identified.

Free Will Baptist Bible College

($1,000-$2,499)

Mr. and Mrs. Ray C. Turnage Mr. and Mrs. Kent Waller Dr. and Mrs. Milton W. Worthington Mr. and Mrs. Raphael H. Yerby Mr. and Mrs. John G. Zubor

Friendship Circle ($250-$999)

Anonymous (3) Mr. and Mrs. Chad B. Allen Mr. J. W. Allen Mr. and Mrs. James D. Allen Mr. and Mrs Michael L. Armstrong Mr. and Mrs. Phillip Ashcraft Mr. and Mrs. Mac Atkinson Ms. Sybil Bailey Miss Molly Barker Rev. and Mrs. Proctor V. Barker Mr. and Mrs. Bob Bass Mr. and Mrs. James L. Beck Mr. William J. Bennett Mr. and Mrs. Jeffrey B. Berry Mr. and Mrs. John R. Bibb, Jr. Mr. and Mrs. Michael E. Birmingham Mr. and Mrs. Leroy Blades Bob Thomas Ministries, Inc. Mr. and Mrs. Max Bolin Rev. and Mrs. Richard W. Bowers Ms. Hilda J. Boyd Mr. and Mrs. Randolph W. Brooks Mr. Joe C. Brown Mr. and Mrs. Edgar J. Brumfield Mr. and Mrs. Robert A. Bryan, Jr. Mr. and Mrs. Heyward J. Butler Mr. and Mrs. Kevin Buttry Mr. Brett M. Calcutt Mr. and Mrs. Mike Cales Ms. Geraldine H. Cannon Mr. Rogers A. Cannon Mr. Walter C. Carden Rev. and Mrs. Tommie D. Carlson Mr. and Mrs. Terry S. Carpenter 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 Dr. and Mrs. Jeff Cockrell Mr. and Mrs. Allen O. Coker

Mr. and Mrs. Larry O. Coker Mr. and Mrs. Charles L. Cook Rev. and Mrs. Randy Corn Mr. and Mrs. Charles A. Cowan Ms. Charlotte M. Cox Mrs. Diana J. Cox Rev. and Mrs. Jacob M. Creech Mr. Gary L. Culver Rev. and Mrs. Ronnie L. Dail Rev. and Mrs. Walter Daniels Mr. and Mrs. Thomas A. Davis Rev. and Mrs. Daniel M. Dean Mr. and Mrs. Marvin L. Deaver Mr. and Mrs. Paul R. Drake, II Mr. and Mrs. Edward Driggers Dr. and Mrs. Kenneth P. Eagleton, Jr. Mr. and Mrs. David C. Edgil Mr. and Mrs. Bob Edwards Rev. and Mrs. Mike Edwards Dr. and Mrs. Milton B. Fields Mr. and Mrs. Ronnie B. Finch Mrs. Martha C. Fletcher Rev. and Dr. Leroy Forlines Mr. Wayne Fry Mr. and Mrs. A. Blake Furlough Mr. and Mrs. James S. Futrell Mr. and Mrs. Jim H. Garrett Rev. and Mrs. Malcolm L. Garrett Chaplain and Mrs. Walter E. Golding Mr. and Mrs. Joseph A. Goodfellow Rev. and Mrs. Walter E. Gragg Rev. and Mrs. Shiloh C. Hackett Mrs. Debra R. Haddock Mr. and Mrs. Thomas L. Hale Rev. and Mrs. Harold B. Hall Mr. and Mrs. Howard Harris Rev. and Mrs. Gordon W. Hart Mr. and Mrs. Graham G. Hart Mr. H. Doyle Hawkins Mr. and Mrs. Neil Hearn Dr. and Mrs. Richard T. Hendrix Mr. and Mrs. Barney D. Hicks Rev. and Mrs. Gary Hill Rev. and Mrs. Edward L. Hodges, Jr. Ms. Carol D. Holland Ms. Barbara Jean Howard Rev. and Mrs. Mack Humbles Mrs. Peggy B. Humbles Rev. and Mrs. Roy E. Hutchinson, Jr. Miss Regina D. Ivens Mr. and Mrs. George James, Jr. Rev. Roy Jensen Mrs. Glenda Johnson Mr. and Mrs. Nathan P. Johnson Mr. and Mrs. Samuel E. Johnson Mr. and Mrs. Timothy R. Johnson Mrs. Betty Joslin

Mr. Ernest Joyce Mrs. Altha Keifer Mr. and Mrs. John H. Kinnick Mr. and Mrs. Doug Kite Rev. and Mrs. Earl Langley Mr. and Mrs. Kevin Lauthern Mr. and Mrs. Donald G. Lee Rev. and Mrs. George C. Lee, Jr. Mr. and Mrs. Raymond Lee Mrs. Shirley Lee Ms. Carolyn D. Lemaster Rev. and Mrs. Ernie L. Lewis Rev. and Mrs. Hoover Lewis Mr. and Mrs. James A. Lewis Dr. and Mrs. Ralph Lightsey Mr. and Mrs. Bob Lindsey Mrs. Helen V. Lusk Ms. Nancy Maddox Mr. Dennis Manning Dr. and Mrs. Jeffrey A. Manning Mr. and Mrs. Rick Mayo Mr. and Mrs. Matthew J. McAffee Mr. and Mrs. Roland McBride Mr. and Mrs. John M. McCall Rev. and Mrs. Jim L. McLain Mrs. Mavis E. McVay Mr. and Mrs. Samuel P. McVay Mr. and Mrs. Billy E. Merriman Mrs. Hazel Frances Metcalf Dr. and Mrs. Edward E. Moody, Jr. Mr. and Mrs. Hamlee H. Moon Dr. Elizabeth A. Mooney Mr. and Mrs. Keith Morgan Mrs. Velma Moseley Mr. and Mrs. John F. Mouser Rev. and Mrs. Virgil M. Nolen Rev. and Mrs. Gene Norris Dr. and Mrs. J. D. O’Donnell Mr. Loyd C. Olsan Mr. and Mrs. John E. O’Neal Mr. and Mrs. John W. Outland Dr. and Mrs. Stanley Outlaw Mrs. Katie D. Owen Rev. and Mrs. Tim D. Owen Dr. and Mrs. Daniel W. Parker Mrs. Eulah M. Payne Mr. Carlos Pegues Mr. and Mrs. Lee A. Penn Mr. and Mrs. Jay Pennell Mr. and Mrs. Darryl G. Phipps Mr. and Mrs. David C. Pool Rev. and Mrs. Glenn Poston Mr. and Mrs. Russell W. Poston Mr. and Mrs. Donald S. Price Mrs. A. L. Pugh Mr. and Mrs. David L. Rackley Rev. and Mrs. Jerry L. Rackley

Mr. and Mrs. Douglas H. Randlett Mr. Warner Robins Mrs. Willie Ruth Rogers Mr. and Mrs. Cleve Roland Mr. and Mrs Stephen A. Sandor Rev. and Mrs. H. Reedy Saverance Rev. and Mrs. Thomas M. Scott Rev. and Mrs. Walter R. Scott Mr. and Mrs. Randall K. Settle Mr. and Mrs. Michael H. Shute Rev. and Mrs. Kenneth D. Simpson Mrs. Erlene B. Smith Rev. and Mrs. Rolla D. Smith Miss Shirley J. Smith Mr. and Mrs. Charles W. Snow Mrs. Karen Sparks Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. Greely D. Stafford Mr. and Mrs. John Stanley Chaplain and Mrs. Kerry M. Steedley Ms. Athel A. Stone Mr. Denny Stox Mr. and Mrs. Tim Sudduth Mr. and Mrs. Edward P. Sweigart Mr. and Mrs. Ernest L. Thompson Mr. Michael T. Thompson Mr. and Mrs. Brian M. Tippett Mr. and Mrs. Danny J. Trail Mr. & Mrs. George B. Trotter, Jr. Mr. and Mrs. Mark K. Trotter Mr. and Mrs. Eddie Tyler Ms. Wanda R. Tyler Rev. and Mrs. Kenneth A. Upright Miss Patsy Vanhook Rev. and Mrs. Billy J. VanWinkle Mrs. Catherine Waggoner Rev. and Mrs. Herbert L. Waid Miss Misty R. Waldrop Rev. and Mrs. Billy B. Walker Mr. and Mrs. Frankie S. Walker Mr. Jared Wall Mr. and Mrs. Stanley L. Wall, Jr. Rev. Jackson Watts Rev. and Mrs. Robert W. Wells Rev. and Mrs. Dennis P. Wiggs Miss Marjorie L. Williams Rev. and Mrs. David H. Williford Ms. Betty J. Willis Mrs. Elizabeth C. Wills Rev. and Mrs. Eugene Workman Mr. and Mrs. Richard A. Wrightson

2012 | Annual Report

17

Financial Position 2011-2012

Audited BALANCE SHEET May 31, 2012

2% 7%

9% 8% 12%

Investments $200,085 Pledges & Accounts Receivable $918,589

LIABILITIES

40%

ASSETS

Property, Plant & Equipment $9,703,355

Cash & Current Assets $1,292,369 Total Assets: $13,829,336

52%

70%

Endowments & Student Loans $1,714,938

Accounts & Notes Payable $1,114,902

NET WORTH

Long-Term Debt & Other Liabilities $5,590,631 Total Liabilities: $6,705,533 Net Worth: $7,123,803

Audited Revenues

Liabilities + Net Worth: $13,829,336

Unrestricted Funds May 31, 2012

5% 6% 19%

Tuition & Fees $2,019,802

42%

Gifts $1,367,737

28%

Auxiliary Enterprises $920,393

Investment, Endowment, & Miscellaneous Income $210,792 Net Assets Released from Restrictions $306,150 Total Revenues $4,824,874

Audited Expenditures Unrestricted Funds May 31, 2012

18%

28% 7% 35%

18

Free Will Baptist Bible College

12%

Instruction $1,405,162

Institutional Support $1,804,845

Academic Support $373,395

Auxiliary Enterprises $930,046

Student Services $629,640

Total Expenditures $5,143,088

Proposed Budget 2012-2013

Proposed Revenues Unrestricted Funds

3%

5%

Tuition & Fees $2,135,937

21%

Gifts $1,255,000

45%

Auxiliary Enterprises $991,270 Investment, Endowment, & Miscellaneous Income $158,586

26%

Net Assets Released from Restrictions $250,000 Total Revenues $4,790,793

Proposed Expenditures Unrestricted Funds

20%

Instruction $1,174,606

24%

Academic Support $363,302

8% 34%

14%

Student Services $659,606 Institutional Support $1,630,154 Auxiliary Enterprises $963,125 Total Expenditures $4,790,793

2012 | Annual Report

19

To educate leaders

to serve Christ, His Church, and His world through Biblical thought and life

1.800.76.FWBBC

www.FWBBC.edu

3606 West End Avenue

Nashville, TN 37205