Welch College 2013 Annual Report

Welch College • PAGE 1 • 2013 Annual Report

To educate leaders

our mission

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

Welch College • PAGE 2 • 2013 Annual Report

Welch College

President’s Report

J. Matthew Pinson P r e s i de n t

A Transformational Mission As I write these words, we have just experienced Commencement exercises on the campus of Welch College.

Watching these students walk across the stage to receive their degrees, and seeing the transformation of their lives as a result of their experience at Welch College, confirms why we are here: students. We are providing an excellent spiritual learning environment where they find their place in God’s world and are equipped to fulfill their callings.

One of those graduates, Beth Cyrus, gave a senior testimony at Commencement. In her remarks, she spoke of her life being transformed by her experience at Welch college: “The theme that kept recurring was that of striving for excellence—a concept I was familiar with, but in a different context. I always strove for excellence out of a desire to be complimented—to make others proud of me. But this idea of striving for excellence as an act of worship to God, in absolutely every area of life— this was all new to me.”

Beth went on to share: “The innate pulse of our college mission and environment has been a catalyst of spiritual maturity in me. . . . The genuine model of Christian community that our college exemplifies has taught me to humble myself to the service of others—to be committed, graceful, and ultimately subservient to the ministry of Christ. . . . I am tremendously humbled by all that I have learned and experienced in the past five years and pray that God would use the education I have received to equip me as an instrument of His glory.”

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This transformation is not unique to Beth. It is common to our graduates, and it gives us the resolve we need to continue, even in the midst of the challenges of a difficult economy, to fulfill our mission, “to educate leaders to serve Christ, His Church, and His world through biblical thought and life.”

A Promising Future

new website, welch.edu. Our first new website in a decade, the welch.edu site is aesthetically attractive and userfriendly and will aid us in recruiting students and promoting the college.

Working Toward Relocation Perhaps the most exciting development at Welch College is the process of campus relocation. In 2008 we purchased a 66-acre campus site in the bustling Hendersonville-Gallatin area of Greater Nashville. Then the Great Recession and flat-lining of the Nashville real estate market stalled our plans for selling the West End campus.

The future is challenging, yet promising.

Our alumni, churches, and supporters have enthusiastically rallied behind our new name. We believe our new name will open more new doors of opportunity for us in the future— something that will be crucial in a . . . we are moving forward time of increasing competitiveness this fall, offering our in a sluggish first-ever online bachelor’s economic environment.

This economic reality changed our sales strategy. We have contracted with two of the best high-end real degree in ministry. estate professionals In cooperation in Nashville: Rick with Capital French and Ellen Education, a leading online higher Christianson. They have moved us education company, we are moving to a strategy of selling the campus forward this fall, offering our first-ever to more than one buyer, rather than online bachelor’s degree in ministry. marketing it to one big developer. This This will expand our reach, allowing has involved the staging of our campus us to deliver our academic mission sale, enabling us to sell properties to adult students who are not able to earlier that are not central to the relocate to our physical campus, and student experience, so that we will not enabling them to fulfill their callings have as much property to sell at one with excellence. time.

Along with our new name, we have started a new online presence with our

This strategy has been successful. We recently completed the first stage of our

Welch College • PAGE 4 • 2013 Annual Report

campus sale, having sold Ennis Hall, the Cook Building, the Missionary-inResidence Home, and the President’s Home (that means that my family is temporarily living in off-campus housing until we complete the sale and build our new campus). The funds from the sale of these homes have been used to pay down debt and will all go toward relocation.

With our new realtors in place and with the Nashville real estate market beginning to recover, more buyers are interested in the West End campus than ever. Pray with us that God will make the campus sale as fast and smooth as possible, enabling us to move forward

with the dream of campus relocation, as we continue to fulfill our mission for God’s glory and the extension of His Kingdom.

The Pension Crisis It is becoming more and more expensive to offer a Welch College education. This increased expense has been caused by the worst economy since the Great Depression and unprecedented costs for the college.

Most of these expenses were triggered by new government-imposed rules on our pension plan.

As a result of adverse market conditions, in 2006 the federal

government changed the regulations for organizations with traditional pension plans. These changes took effect in 2008. Welch College had one of these old-fashioned pension plans, instituted more than 50 years ago.

This change in federal regulations required the college to pay more than $850,000 in unexpected pension expenses over five years in an attempt to bring the pension plan to fullyfunded status—over $850,000 in unanticipated cash expenses!

In addition to these extra cash expenses, the college has had to borrow more than $2.3 million to

Welch College • PAGE 5 • 2013 Annual Report

terminate the pension. Not knowing what the market would do or what further changes governmental regulators might make, we ended the plan, distributing retirement funds to pension plan participants. This brings the total pension-related debt to more than $3 million since 2008. All this came on top of the turbulent economy we and other ministries face. More detailed information about this crisis is available in a brochure at welch.edu/ pensioncrisis.

In short, the college had no source of funding for this astronomical, unexpected expense. This came at

a time when small denominational Bible colleges across the country are struggling because of decreased giving, and more and more students are staying home to attend lower-cost state schools.

Now more than ever, we need your help to erase this deficit. This will allow us to hold down tuition costs and give more scholarships to students who have answered God’s call but cannot afford to attend Welch College. We will be able to help them find their place in God’s kingdom and give them tools to fulfill that calling.

Please be assured that Welch College is ever mindful of being a good steward of the funds you give to this ministry.

We have diligently cut expenses and are recognized for our conservative and responsible financial practices both by our peers and accrediting agencies.

A Challenging Economy Despite the financial challenges of a turbulent economy, intensified by the pension crisis, the college began turning the corner financially this past year. Thanks to stabilized enrollment income from tuition, room and board, increased general fund gifts, and a

Welch College • PAGE 6 • 2013 Annual Report

$250,000 cash gift we received in the 2012-13 fiscal year from the estate of Rev. O. P. and Ruby Stokes, the college did not have to borrow any more funds to operate.

financial recovery. (For more detailed financial information, please see the complete Financial Report at welch.edu/2013FinancialReport.

Challenging Times This is significant after having to borrow $215,000 and $965,000 to operate in the two previous fiscal years, respectively. Still, we will show a deficit on the books, owing in large part to the pension difficulties and the fact that the above-mentioned estate gift was booked in the 2011-12 fiscal year.

We are thankful that we have “stopped the bleeding” in cash flows. We commend our faculty and staff for their role in the judicious spending cuts that have helped make this possible. Other signs that we have turned a corner are that the college: • Stabilized income from tuition, room, and board, increasing fulltime equivalent enrollment by 3%.

• Exceeded our annual (general) fund gift goal, raising more than ever in the history of the college!

• Sold properties, paid down debt, and placed funds in cash reserves designated for future relocation.

• Reduced our debt/liabilities by more than $1 million.

Thank you for standing with Welch College through these lean years of economic stress. Pray for us as we continue to turn the corner toward full

Our out-of-state and non-ministry student enrollment has declined during the economic downturn, whereas our Tennessee and ministry enrollment have remained stable. This picture fits exactly with what experts such as Moody’s Investors Service, Noel-Levitz, and Stevens Strategy have said the past four years, and continue to say, with regard to the enrollment challenges

...many more students are opting for lower-cost, at-home community colleges rather than going off to school. that the current economy poses to small, private, less-competitive, tuition-dependent, low-endowment institutions.

Even before the economic downturn, our primary competition was community and local state colleges (about 85% of Free Will Baptist college students attend them). This was demonstrated by the survey NoelLevitz conducted five years ago of

students who had inquired about Welch College but did not enroll. Since that time, many more students are opting for lower-cost, at-home community colleges rather than going off to school. The research shows that this is primarily financially driven.

Over the past four years, the Moody’s Investors Service Higher Education Outlook has explained why schools like ours are challenged in this economy and students are staying home for lower-cost options: Household net worth has decreased sharply, and families are worried about job loss and other economic factors, thus mitigating the workability of “luxuries” like private college education.

While some larger private Christian universities are maintaining enrollments, most enrollment growth is a result of the addition of adult, online, and graduate programs. This makes our offering of the online B.S. in General Christian Ministry starting this fall, our relationship with Capital Education, and our attempt to move toward graduate programs in ministry and education of strategic importance.

It is sobering to read Moody’s “Characteristics Associated with a Negative Outlook.” It sounds just like us: • Moderately selective to non-selective institutions with a more regional student draw

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•M oderate to very weak pricing power and more limited ability to grow net tuition •L ess diversified business lines with heavy reliance on student charges and/or state appropriations often accounting for upwards of 60% of revenues • S mall, if any, fundraising or research enterprises •M odest endowments or limited liquidity providing little support for operating budget and debt •T ypically small or medium-sized enrollments and lack of economies of scale These are challenging times for small Christian colleges, and at times like these we need our Free Will Baptist people to renew their vision for Christian higher education in a Free Will Baptist context. Consider these facts about what we are facing at this time: •O nly 12 percent of college students in the states we draw from leave their state to attend college.

• N ot more than 5 percent of college students attend Christian colleges.

•O nly 7 percent of the American population is in college.

• I f Free Will Baptists are average in their higher education attendance, statistics show that we should have 630 students attending Christian colleges.

• The total headcount of all Free Will Baptist colleges last fall was 695.

• Total fall enrollment at Free Will Baptist colleges has decreased by 19.9% since 2006 (ours has decreased by 17.8%).

• Total fall enrollment at Free Will Baptist colleges topped 1,000 only once in history, in 2004.

phenomenon is affecting Christian college enrollments.

Building for the Future Despite the above challenges, Welch College is on the move forward in building its quality as a truly Christian community of faith and learning.

•W e continue to build a stellar faculty and staff who receive accolades from all over the evangelical community and are leaders in both the Christian and secular accreditation and professional agencies of which we are members.

This makes our attempt to move toward graduate programs in ministry and education of strategic importance.

• Higher education enrollment as a whole is in decline, and community colleges and online education are on the rise and competing more than ever for Free Will Baptist students.

• David Kinnaman (the Barna Group) and other experts are lecturing to groups of Christian higher education professionals about the way the “young people leaving the church”

• W e have a vibrant, spirituallycommitted student body that is alive for the Great Commission and its demands on their lives, whether they are called to a full-time church vocation or to be salt and light in the secular world.

• O ver the past few years, we have markedly increased our rates of freshmen retention, graduation, average ACT score, students in the top 25% of graduating class, etc., such that we are now comparable to larger universities with greater financial resources that have more competitive admissions policies.

• Even though we cannot compete with such universities on the basis of their consumer appeal, marketing, facilities, etc., we stack up very competitively when it comes to our actual education and product.

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• Even in this time when fewer young people are answering Thanks the call to ministry in their high school years, we are In closing, I want to thank our stellar faculty and staff for continuing to attract young men who have answered their dedicated service to the kingdom through Welch the call to preach, maintaining a solid ministry major College. Each of them serves sacrificially and with great enrollment even while out-of-state, non-ministry major distinction. numbers have declined in the challenging economy.

• Through our online Associate’s degree program, we are I especially want to congratulate Dr. Etta Crittenden reaching out to more and more men who have answered (Ed.D., learning and leadership, University of Tennessee, the call to ministry in mid-career, a trend that will continue Chattanooga), Dr. Ian Hawkins (Ph.D., chemistry, Middle as we open the online B.S. in Ministry Tennessee State University), and this fall.

Dr. Barry Raper (D.Min., biblical • We continue to graduate top-notch spirituality, Southern Baptist We pray that the Lord will young pastors, missionaries, teachers, Theological Seminary), all three of businesspeople, and other professionrenew our people’s vision for whom earned their doctoral degrees als who continue to make us proud this past academic year. They are Christian higher education... examples of the hard work, dedication, and who are strongly committed to conservative theology and Free Will and spiritual commitment of our Baptist faith and practice. faculty and staff.

• We are emphasizing spiritual formation and each individual’s role in the local church and the Lastly, I want to thank the people and churches of the Great Commission and are seeing the results of this in our National Association of Free Will Baptists. Your support of recent students and graduates.

Welch College makes it possible for us to fulfill our mission • We continue to be ranked as one of the top 50 southern to educate leaders to serve Christ, His Church, and His baccalaureate colleges by U.S. News and World Report, world through biblical thought and life. I thank you from outranking schools that have 20 and 30 times our the bottom of my heart for your continued prayers, your endowment and financial resources. financial support in these turbulent times, and the students • We are ahead of many colleges in our move toward offering with whom you bless us. online bachelor’s degrees with Capital Education, in an era where we have lost a sizable percentage of our student In Christ, population (married adults) to online programs because of the changing face of higher education.

J. Matthew Pinson We pray that the Lord will renew our people’s vision for President Christian higher education in a Free Will Baptist context, realizing how necessary the ministry of Welch College is to raising up the next generation of godly, Great-Commission ministry and lay leaders, and preserving our biblical theology and Free Will Baptist identity.

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2012-2013 Board of

Trustees Mr. Mike Armstrong E d u c at or

Wheelersburg, Ohio

Rev. Will Beauchamp Pastor

First Free Will Baptist Church Seffner, Florida

Rev. Jeff Crabtree Pa st or

Serenity Free Will Baptist Church Fredericton, New Brunswick, Canada

Rev. Shiloh Hackett Pa st or

South Highland Free Will Baptist Church Muscle Shoals, Alabama

Rev. Billy Hanna Pa st or

First Free Will Baptist Church Albany, Georgia

Rev. Terry Pierce (Chairman) Pa st or

Tupelo Free Will Baptist Church Tupelo, Mississippi

Rev. Rusty Russell Pa st or

Peace Free Will Baptist Church Wilson, North Carolina

Rev. Ken Simpson (Vice-Chairman) Pa st or

Calvary Fellowship Free Will Baptist Church Fenton, Missouri

Rev. Mark Stripling (Secretary) Past or

First Free Will Baptist Church North Little Rock, Arkansas

Welch College • PAGE 10 • 2013 Annual Report

2 0 1 2 - 2 0 1 3 ANNUA L

registration ReporT Total Enrollment

337

S tat e s

OTHER C ATAG ORIES

VOCAT IONAL*

Alabama 13 Arkansas 13 California 4 Florida 8 Georgia 7 Illinois 4 Indiana 1 Kansas 1 Kentucky 6 Louisiana 1 Michigan 13 Mississippi 8 Missouri 8 North Carolina 19 Ohio 9 South Carolina 8 South Dakota 1 Tennessee 148 Texas 1 Virginia 3 West Virginia 3 Wisconsin 1 International 57

Full-time 205 Part-time 132

Pastoral 19 Youth Ministry/Christian Ed. 21 Missions 12 Ministry Students (BS/ASM) 39 Business 30 English 9 Exercise Science 5 General Studies 12 History 2 Music 3 Psychology 17 Science/Nursing 17 Special 25 Teacher Education** 66 Non-degree Part-time 60

The student body represents 22 states (USA) and four other countries (Canada, Cuba, Kazakhstan, and Panama).

CL ASSIFIC AT ION

Male 169 Female 168 Single 245 Married 92 New 64 Returning 8 Continuing 152 Transfer 28 Non-degree Part-time 60 Special 25 Free Will Baptist 270 Other 67 Dorm 151 Commuter 60 Adult Degree Program 21 Lifetime Learning 80 Online 25

Freshman 90 Sophomore 78 Junior 43 Senior 41 Non-degree Part-time 60 Special 25

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*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.

2012-2013

TOP GIVING CHURCHES 1. Horse Branch Free Will Baptist Church

Turbeville, SC

$ 61,598

2. First Free Will Baptist Church

Albany, GA

$ 28,744

3. Bethel Free Will Baptist Church

Ashland City, TN

$ 22,977

4. Unity Free Will Baptist Church

Greenville, NC

$ 19,000

5. Tupelo Free Will Baptist Church

Tupelo, MS

$ 17,675

6. Donelson Free Will Baptist Church

Nashville, TN

$ 17,315

7. Lebanon Free Will Baptist Church

Effingham, SC

$ 15,546

8. Freedom Free Will Baptist Church

Plain City, OH

$ 15,000

9. First Free Will Baptist Church

Russellville, AR

$ 12,199

10. First Free Will Baptist Church

Dothan, AL

$ 11,277

11. Red Bay Free Will Baptist Church

Red Bay, AL

$ 10,993

12. Travelers Rest Free Will Baptist Church

Newton, GA

$ 10,000

13. Piney Grove Free Will Baptist Church

Chipley, FL

$ 9,877

14. Calvary Fellowship Free Will Baptist Church

Fenton, MO

$ 9,789

15. Cross Timbers Free Will Baptist Church

Nashville, TN

$ 9,017

16. Grace Baptist Church

Dickson, TN

$ 8,250

17. Bethlehem Free Will Baptist Church

Ashland City, TN

$ 8,079

18. New Hope Free Will Baptist Church

Joelton, TN

$ 7,590

19. Bethany Free Will Baptist Church

Timmonsville, SC

$ 7,590

20. First Free Will Baptist Church

Northport, AL

$ 7,408

21. Crossroads Free Will Baptist Church

Jenks, OK

$ 7,381

22. Cofer’s Chapel Free Will Baptist Church

Nashville, TN

$ 6,936

23. Garner Free Will Baptist Church

Garner, NC

$ 6,320

24. First Free Will Baptist Church

Seffner, FL

$ 6,208

25. Liberty Free Will Baptist Church

Ayden, NC

$ 6,133

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26. Peace Free Will Baptist Church

Wilson, NC

$ 6,000

27. Sherwood Forest Free Will Baptist Church

New Bern, NC

$ 5,742

28. First Free Will Baptist Church

Beaufort, NC

$ 5,419

29. Beulah Free Will Baptist Church

Pamplico, SC

$ 5,328

30. Head’s Free Will Baptist Church

Cedar Hill, TN

$ 5,297

31. First Free Will Baptist Church

Washington, NC

$ 5,267

32. Westside Free Will Baptist Church

Johnsonville, SC

$ 4,793

33. Tippett’s Chapel Free Will Baptist Church

Clayton, NC

$ 4,581

34. Prospect Free Will Baptist Church

Dunn, NC

$ 4,500

35. Good Springs Free Will Baptist Church

Pleasant View, TN

$ 4,380

36. Liberty Free Will Baptist Church

Marion, NC

$ 4,329

37. Immanuel Free Will Baptist Church

Durham, NC

$ 4,206

38. Porter Free Will Baptist Church

Sciotoville, OH

$ 4,100

39. Fellowship Free Will Baptist Church

Kingsport, TN

$ 3,960

40. Sand Hill Free Will Baptist Church

Coward, SC

$ 3,915

41. Oaklawn Free Will Baptist Church

Chapmansboro, TN

$ 3,849

42. Cookeville Free Will Baptist Church

Cookeville, TN

$ 3,736

43. First Free Will Baptist Church

Walnut Ridge, AR

$ 3,690

44. Ina Free Will Baptist Church

Ina, IL

$ 3,530

45. First Free Will Baptist Church

Florence, AL

$ 3,508

46. Ebenezer Free Will Baptist Church

Glennville, GA

$ 3,500

47. First Free Will Baptist Church

Vernon, AL

$ 3,341

48. Temple Free Will Baptist Church

Winterville, NC

$ 3,296

49. Mt. Harmony Free Will Baptist Church

Vernon, AL

$ 3,227

50. Temple Free Will Baptist Church

Darlington, SC

$ 3,030

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2 0 1 2 - 2 0 1 3 TO P G I V IN G

ASSOCIATIONS Arkansas State Association of Free Will Baptists..............................................$27,895 Missouri State Association of Free Will Baptists..............................................$26,567 Oklahoma State Association of Free Will Baptists..............................................$23,455 Texas State Association of Free Will Baptists................................................$8,391 Arkansas Central Association of Free Will Baptists................................................$6,862 Ohio State Association of Free Will Baptists................................................$5,533 North Carolina State Association of Free Will Baptists................................................$4,871 Georgia State Association of Free Will Baptists................................................$4,388 Tennessee State Association of Free Will Baptists................................................$4,294 South Grand River Association of Free Will Baptists (OK).....................................$3,585 South Carolina Association of Free Will Baptists................................................$3,110 Illinois State Association of Free Will Baptists................................................$3,079 Pamlico Association of Free Will Baptists (NC).....................................$2,072

2012-2013

ANNUAL FUND GIFTS Tennessee................................................... $ 250,390 North Carolina.......................................... $ 150,893 Missouri...................................................... $ 132,859 South Carolina.......................................... $ 120,073 Florida......................................................... $ 92,542 Oklahoma.................................................. $ 82,132 Georgia....................................................... $ 81,704 Alabama..................................................... $ 79,319 Arkansas..................................................... $ 66,348 Illinois......................................................... $ 50,475 Mississippi.................................................. $ 37,453 Ohio............................................................ $ 35,760 West Virginia............................................. $ 15,027 Virginia....................................................... $ 14,216 Kentucky.................................................... $ 12,163 Matching Gifts........................................... $ 9,500 Texas............................................................ $ 9,201 Michigan.................................................... $ 8,160 California................................................... $ 5,452 Indiana........................................................ $ 2,813 Washington................................................ $ 1,957 Canada........................................................ $ 1,689 Delaware..................................................... $ 1,280 Hawaii......................................................... $ 1,227 Virgin Islands............................................ $ 1,208 Maryland.................................................... $ 1,067 Pennsylvania.............................................. $ 1,000 Kansas......................................................... $ 851 WNAC........................................................ $ 593 Idaho........................................................... $ 404 Iowa............................................................. $ 329 Brazil........................................................... $ 280 Oregon........................................................ $ 263 New Mexico............................................... $ 242 Arizona....................................................... $ 161 Louisiana.................................................... $ 150 New York.................................................... $ 79 South Dakota............................................. $ 50 Nebraska..................................................... $ 40 Utah............................................................. $ 30 Nevada........................................................ $ 28 Grand Total................................... $1,269,407

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CORPORATE DONORS & FOUNDATION GIFTS

$50,000 + Do Unto Others Trust, Inc. Conley & Associates, Inc.

$20,000 - $50,000

Newberry Family Foundation, Inc. Free Will Baptist Foundation ExxonMobil Foundation

$10,000 - $20,000 Anonymous

$1,000 - $5,000 Lane Physical Therapy Center, Inc. Tennessee Independent Colleges & Universities Association IBM International Foundation Carolyn L. Schwieger Trust Home Missions Department Church Extension Loan Fund Lewis Letterworks

Under $1,000 A Book Company, LLC Randall House Publications The Charles W. Cook, Jr. Fund Sesser Auto Body, Inc. Chick-fil-A Alvy’s Auto Electric R. W. Land and Timber ConocoPhillips Company Verizon Foundation Randy’s Barber & Styling LBJ & TBJ Trustees Bancsearch, Inc. Tulsa Area Human Resource

Welch College • PAGE 15 • 2013 Annual Report

DONORS Founder’s Circle ($50,000 +)

Mr. and Mrs. James W. Beasley Estate of Brewton and Eva Middleton Estate of O. P. and Ruby Stokes

President’s Circle ($20,000 -$49,999)

Anonymous Mr. and Mrs. Carol K. Harvey Dr. and Mrs. Paul W. Inbody

Legacy Circle ($10,000-$19,999)

Anonymous Mr. and Mrs. Benjamin S. Evans Mr. Tom Keifer Mr. and Mrs. Thomas A. Sass

Heritage Circle ($5,000-$9,999)

Anonymous Mr. and Mrs. A. C. Allen Mr. and Mrs. Ronnie H. Brown Rev. and Mrs. Vernon Maggart Mr. and Mrs. Mick Mithelavage Mr. Robert B. Perry Mr. and Mrs. Bobby E. Richardson

Executive Circle ($2,500-$4,999)

Mr. and Mrs. John L. Carter Mr. and Mrs. David C. Edgil Miss Amy Ellis Mr. and Mrs. Jack Forlines Mrs. Lois Hudson Rev. and Mrs. Phillip Jones Dr. and Mrs. Greg Ketteman Mr. and Mrs. Carl D. McCabe

All gifts to Welch 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.

Miss Lesa G. Parker Rev. and Mrs. C. Wayne Perry Dr. and Mrs. Charles A. Thigpen Mr. and Mrs. Gary Turner Mr. and Mrs. David W. Waggoner

Leadership Circle ($1,000-$2,499)

Anonymous (2) Rev. and Mrs. Jimmy Aldridge Mr. and Mrs. James D. Allen Mr. and Mrs. James J. Cannon Mr. Rogers A. Cannon Miss Mary V. Carter Mr. and Mrs. Robert T. Carter Mr. and Mrs. Dennis A. Chamberlin Rev. and Mrs. Russell Clouse Mr. and Mrs. Curtis D. Cone, Sr. Com. and Mrs. Robert P. Cooper Mrs. Evelyn P. Dail Rev. and Mrs. Freeman L. Edwards Dr. and Mrs. Timothy Freeman Edwards Capt. Edmond B. Ferguson Mr. and Mrs. Ronald W. Ferrell Mr. and Mrs. J. Bradford Fisher Dr. and Mrs. Richard Frazier Rev. and Mrs. Walter L. Frye, Jr. Mr. Thurman B. Hall, II Mr. and Mrs. Watson Hall Mrs. Margaret Hampton Rev. A. L. Hines Rev. and Mrs. Milton A. Hollifield, Sr. Miss Regina D. Ivens Rev. and Mrs. Bobby R. Jackson Mr. Billy Jeffords Rev. Roy Jensen Mr. and Mrs. Samuel E. Johnson Dr. and Mrs. James Kilgore Mr. and Mrs. Dell D. Lamm Mr. and Mrs. R. A. McLamb Mr. and Mrs. David D. Mishler Mr. and Mrs. W. C. Moore Mr. and Mrs. Marvin L. Mouser Mrs. Howard T. Munsey Mrs. Juanita Nicholson

Mr. and Mrs. John W. Outland Mr. and Mrs. William K. Parrish Dr. and Mrs. Thurman Pate Dr. Robert E. Picirilli Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. John C. Powelka Mr. and Mrs. Donald S. Price 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. H. Reedy Saverance Drs. Douglas J. and Judy Simpson Rev. and Mrs. Kenneth D. Simpson Mr. and Mrs. Donald L. Smith Mr. and Mrs. Wayne E. Spruill Chaplain and Mrs. Kerry M. Steedley Mr. and Mrs. D. M. Tart Mr. and Mrs. Ray C. Turnage Mr. and Mrs. Kent Waller Rev. and Mrs. Dennis P. Wiggs Rev. and Mrs. David H. Williford Dr. and Mrs. Melvin Worthington Dr. and Mrs. Milton W. Worthington Mr. and Mrs. Glen H. Wright Dr. and Mrs. Frederick L. Yerby Mr. and Mrs. John G. Zubor

Friendship Circle ($250-$999)

Anonymous (2) Mr. and Mrs. Chad B. Allen Mr. J. W. Allen Mr. and Mrs. Michael L. 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. Leroy Blades Rev. and Mrs. Ronnie Blanks Mr. and Mrs. Max Bolin Rev. and Mrs. Richard W. Bowers H. J. Boyd Mr. and Mrs. James O. Brewer Mr. and Mrs. Randolph W. Brooks

Welch College • PAGE 16 • 2013 Annual Report

Mr. Joe C. Brown Ms. Kay F. Brown Mr. and Mrs. Milton Brown Mr. and Mrs. Edgar J. Brumfield Mrs. Naomi G. Buck Rev. and Mrs. Luther Burns Mr. and Mrs. Heyward J. Butler Mr. and Mrs. Kevin Buttry Mr. Jimmie E. Byrd Mr. Brett M. Calcutt Mr. and Mrs. Mike Cales Mr. Walter C. Carden Rev. and Mrs. Tommie D. Carlson Mrs. Gwen Carraway Rev. and Mrs. Jeff Caudill Mr. and Mrs. David O. Chamberlin Miss Doris J. Chamberlin Mr. and Mrs. William L. Chapman Mr. and Mrs. Gary F. Clark Dr. and Mrs. Jeff Cockrell Mr. and Mrs. Larry O. Coker Rev. and Mrs. Randy Corn Mr. and Mrs. Randall G. Cox Rev. and Mrs. Jacob M. Creech Lt. Col. and Mrs. Larence R. Cusick Rev. and Mrs. Ronnie L. Dail Rev. and Mrs. Walter Daniels Mr. and Mrs. Thomas A. Davis Mr. William H. Day Rev. and Mrs. Daniel M. Dean Mr. and Mrs. Marvin L. Deaver Rev. and Mrs. Earnie Deeds Mrs. Sandra Dempsey Mr. and Mrs. Paul R. Drake, II Mr. and Mrs. Edward Driggers Miss Mary E. Droll Rev. and Mrs. Galen F. Dunbar Dr. and Mrs. Kenneth P. Eagleton, Jr. Mr. and Mrs. Bob Edwards Mr. and Mrs. Christopher M. Edwards Rev. and Mrs. Mike Edwards Dr. and Mrs. Milton B. Fields Mr. and Mrs. Ronnie B. Finch Mrs. Martha C. Fletcher Mr. and Mrs. Nathan Fletcher Ms. Marchelle Foshee Miss Virginia Fry Mr. Wayne Fry Mr. and Mrs. James S. Futrell Mr. and Mrs. Jim H. 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. Harold B. Hall

Mr. and Dr. Dale Harris Rev. and Mrs. Gordon W. Hart Mr. Joseph L. Heeter Dr. and Mrs. Richard T. Hendrix Mr. and Mrs. Barney D. Hicks Rev. and Mrs. Edwin L. Hill Ms. Carol D. Holland Mrs. Mary Holley Ms. Barbara Jean Howard Rev. and Mrs. Mack Humbles Mr. and Mrs. Nathan P. Johnson Mr. and Mrs. Terry D. Johnson Mr. and Mrs. Terry Johnson Dr. and Mrs. Michael Karounos Mrs. Altha Keifer Ms. Bernadene Kemble Mr. and Mrs. John H. Kinnick Mr. and Mrs. Gerald R. Kirby Rev. and Mrs. Earl Langley Mr. and Mrs. Kevin Lauthern Mr. and Mrs. Donald G. Lee Mr. G. Thomas 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 Ms. Nancy Maddox Mr. Dennis Manning Dr. and Mrs. Jeffrey A. Manning Mr. and Mrs. Rick Mayo Rev. and Mrs. Matthew McAffee 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. Stephen P. Messer Mrs. Hazel Frances Metcalf Dr. and Mrs. Edward E. Moody, Jr. Mr. and Mrs. Hamlee H. Moon Dr. Elizabeth A. Mooney Mrs. Velma Moseley Mr. and Mrs. John F. Mouser Mr. Randy Noonchester Dr. and Mrs. J. D. O’Donnell Rev. and Mrs. Michael A. Oliver Mr. Loyd C. Olsan Rev. Billy Gene Outland Dr. and Mrs. Stanley Outlaw Ms. Katie D. Owen Rev. and Mrs. Tim D. Owen Dr. and Mrs. Daniel W. Parker Rev. and Mrs. Todd Parrish Mrs. Eulah M. Payne Mr. and Mrs. Ty Peel

Mr. and Mrs. Lee A. Penn Mr. and Mrs. Jay Pennell Mr. and Mrs. David C. Pool Rev. and Mrs. Glenn Poston Mr. and Mrs. Russell W. Poston Mr. and Mrs. Milburn L. Procter Mrs. A. L. Pugh Mr. and Mrs. David L. Rackley Rev. and Mrs. Jerry L. Rackley Mrs. Willie Ruth Rogers Rev. and Mrs. Walter R. Scott Mr. and Mrs. Leroy Scudder Rev. Gordon R. Sebastian Dr. Linda P. Shipley Mr. and Mrs. Michael H. Shute Mrs. Erlene B. Smith Mrs. Karen Sparks Mr. and Mrs. Greely D. Stafford Mr. and Mrs. John Stanley Mr. Bobby J. Stembridge Rev. and Mrs. Kenneth Stephens Mr. and Mrs. Van J. Stewart 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. and Mrs. Michael T. Thompson Mr. and Mrs. Eric E. Timmons Mrs. Dianne Tippett Mr. and Mrs. Olen L. Todd Mr. and Mrs. Danny J. Trail Mr. and Mrs. Mark K. Trotter Rev. and Mrs. Kenneth A. Upright Miss Patsy Vanhook Rev. and Mrs. Billy J. VanWinkle Rev. and Mrs. Billy B. Walker Mr. and Mrs. Frankie S. Walker Mr. and Mrs. Mark Walker Mr. and Mrs. Stanley L. Wall, Jr. Rev. and Mrs. Jackson Watts Dr. and Mrs. Jack White Ms. Barbara Williams Mr. and Mrs. Harold R. Williams Miss Marjorie L. Williams Mr. and Mrs. Ricky Williamson Ms. Betty J. Willis Mrs. Elizabeth C. Wills Dr. Mary R. Wisehart Rev. and Mrs. Eugene Workman Mr. and Mrs. Richard A. Wrightson Mr. and Mrs. Raphael H. Yerby

Welch College • PAGE 17 • 2013 Annual Report

New Same Name Mission Same dedicated professors Same high-quality students Same commitment to the truth Same high standing in the Nashville community

Same dedication to excellence Same high accreditation Same governing body -

National Association of Free Will Baptists

Welch College • PAGE 18 • 2013 Annual Report

Proposed Budget 2013-2014

Proposed Revenues Unrestricted Funds

4%

7%

Tuition & Fees $2,303,638

44%

19%

Gifts $1,355,000 Auxiliary Enterprises $960,561 Investment, Endowment, & Miscellaneous Income $230,000

26%

Net Assets Released from Restrictions $339,789 Total Revenues $5,188,988

Proposed Expenditures Unrestricted Funds

11%

Instruction $1,131,976

22%

Academic Support $356,415

7% 36%

12% 12%

Student Services $619,494 Physical Plant $638,099 Institutional Support $1,866,579 Auxiliary Enterprises $576,425 Total Expenditures $5,188,988

Welch College • PAGE 19 • 2013 Annual Report

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