2019 Welch College Annual Report by Welch College

ANNUAL REPORT

WELCH COLLEGE 2019

A CHRISTIAN COMMUNITY OF FAITH AND LEARNING

REGIONALLY & NATIONALLY ACCREDITED TO OFFER ASSOCIATE’S, BACHELOR’S, & MASTER’S DEGREES 2

STUDENTS REPRESENT

23 STATES

COUNTRIES

BEST REGIONA L COLLEGE IN THE SOUTH

67%

FACULTY WITH HIGHEST DEGREE IN FIELD OF STUDY

2019 RANKINGS

2019 PRESIDENT'S REPORT

OUR MISSION: EDUCATING LEADERS TO SERVE CHRIST, HIS CHURCH, AND HIS WORLD THROUGH BIBLICAL THOUGHT AND LIFE

The 2018-2019 academic year was an excellent one for Welch College. We have shown much progress not only in the fulfillment of our mission but also in our enrollment and financial metrics. Our Christian mission remains the center of all we do at Welch. Our faculty, staff, and board remain steadfastly committed to our mission of educating leaders to serve Christ, His church, and His world through biblical thought and life in the context of a strong commitment to preparing ministers and missionaries who highly value Free Will Baptist faith and practice. We are seeing this mission fulfilled before our eyes as students come to us from diverse backgrounds and have their vision transformed by the faithful Christian teaching and learning community that Welch provides. This is exemplified by the testimony one of our graduating seniors gave at Commencement. Her name is Keren Delgado, and she was born in Cuba. Her parents were converted as a result of the ministry of pioneer missionaries “Pop” and “Mom” Willey. She received generous scholarships from Free Will Baptist Women Nationally Active for Christ and from the Do Unto Others Trust, which was founded by a mentee of the Willeys, Justino Celorio, and his wife Alicia. Keren is going to take what she learned at Welch to the mission field, spending her life spreading the good news of Christ. Keren said, “Thank you, God. And thank you, Welch faculty and staff, for being obedient to God’s mission for your lives. Thank you to all the people who faithfully give to Welch. Thank you to the ladies of WNAC.

Thank you to Alicia Celorio and the Do Unto Others Trust. Thank you to the churches that gave so that I could not just get a degree, but receive eternal treasures such as sound doctrine, spiritual growth, and a loving community at Welch College. Thank you to the student body for being the community that God provided these four years for me. . . . I learned at Welch that God is faithful, and He will continue, now that I am graduating and going to serve as a missionary to Bulgaria, to provide my needs—healing, endurance and peace, a community, and living water. I encourage you to see God’s faithfulness everywhere around you, constantly counseling your heart with God’s Word that ‘He is faithful to all generations.’” Keren’s words get to the heart of why Welch College exists. INCREASING ENROLLMENT This year we experienced our largest fall enrollment in 34 years. Compared to the previous year, our enrollment was up 10% in headcount, 9% in full-time-equivalent (FTE) enrollment, and 20% in traditional students (daytime/dorm and commuter). I believe this is a result of the combination of (1) our new “brand,” which consists of a new name and a new campus, (2) the atmosphere of spiritual formation on campus, and (3) continuous improvement in excellence. These three features also lead to competiveness when compared with other higher education institutions, as indicated by our stellar performance in U.S. News and World Report’s Best Colleges, which ranked Welch 13th in the Regional Colleges—South category (regional colleges award fewer than fifty master’s degrees annually). This is a milestone for Welch. The first time we were numerically ranked in this publication was 2010, with a ranking of 54th. Over the next eight years, we increased to 26th (last year). Then this year we were ranked 13th. To put this in perspective, the next ten colleges in the list that Welch outranked had an average enrollment more than three times our enrollment and an average endowment almost ten times our endowment. Our increasingly higher ranking in U.S. News results from our increased measures of excellence: retention rate, graduation rate (especially of Pell Grant recipients, i.e., students from economically difficult backgrounds), percentage of doctorates, class size, student-faculty ratio, alumni support, peer assessment, and other factors. Better ranking shows our prospective students and

"I LEARNED AT WELCH THAT GOD IS FAITHFUL, AND HE WILL CONTINUE, NOW THAT I AM GRADUATING AND GOING TO SERVE AS A MISSIONARY TO BULGARIA, TO PROVIDE MY NEEDS— HEALING, ENDURANCE AND PEACE, A COMMUNITY, AND LIVING WATER." –Keren Delgado

parents (and mainly high-achieving Free Will Baptist high school students who are being courted by other schools) that Welch has a competitive program that can stack up against other colleges and universities they are considering. Our alumni are paying attention. That is why we have an unusually high percentage of alumni who give financially to the college (we ranked third in this measure out of 95 other colleges in our category). It is also why we have an unusually high percentage of “legacy students” (children of alumni) at Welch. A Christian higher education consultant recently told me that our 30 percent-plus average rate of legacy students is astounding compared to his estimate of 12 percent on average at Christian colleges in general. MAKING FINANCIAL PROGRESS We have also made great strides financially. We achieved a balanced budget for the 2018-2019 fiscal year. We have been able to improve the difficult cash situation we were in after our contractors surprised us last year with nearly $2 million in construction costs of which they had failed to inform us. Thus we are also paying down our debt and have greatly reduced our liabilities. By July 31, we will also have successfully paid our first ten months of full principal and interest payments on the long-term loan with the Free Will Baptist Foundation. Much of the financial progress we have made this past year resulted from a banner year in giving to the college, with over $4.5 million in gift income—more than in any year of the college’s history except 2016, when we received over $6 million in relocation gifts. We are postured for enrollment and philanthropic growth in the near future that will continue to bear fruit with regard to cash and increasing our net assets. FOCUSING ON EXCELLENCE IN ACADEMICS Free Will Baptists count on Welch College for excellence in academics. One measure of this excellence is our wonderful faculty. Our substantial investment in paying for faculty to earn their doctorates, while expensive, has paid off in a higher percentage of faculty with terminal degrees. We have doubled the percentage of earned doctorates on our faculty over the past fifteen years.

A committed and excellent faculty shows in student evaluations of classroom teaching. These look better than they have at any time during my presidency. Furthermore, we have instituted a new faculty ranking system this year, ranking faculty as Instructors, Assistant Professors, Associate Professors, and Professors. This system of promotion and incentives will further increase our faculty quality. Our students at all levels (traditional, adult, online, and graduate) extol the close mentoring they are receiving from faculty. This helps fulfill Welch's goal of shaping both the intellect and the spiritual lives of our students, and it helps students come back and stay until graduation. Studies show that faculty performance is the most direct indicator of retention. This is why our freshmanto-sophomore retention rate has now reached 77%, averaging 76% over the past three years. To understand the significance of this, we must understand that, while Welch ranks 13th among southern Regional Colleges in U.S. News Best Colleges, we rank 5th out of 95 schools in our category in freshman-to-sophomore retention. Furthermore, academically non-selective private colleges like ours tend to have retention rates in the 50s percentile range.

Welch is also increasing its number of academic offerings. Most notably, in January we started the Master of Arts in Teaching (M.A.T.) degree. We anticipate at least twelve students in this new program in the fall, and we predict that enrollment will increase to the point that it surpasses the enrollment of our M.A. degree in theology and ministry, which has already graduated fourteen and has around twenty-five students working toward a degree.

GOD IS DOING WONDERFUL THINGS AT WELCH.

Quality extracurricular activities also enhance the academic and community life at Welch, and we are working on new extracurricular programs that will do just that. The majority of our students participate in music, drama, and intramural and intercollegiate athletics. This past year we reintroduced a new music group, New Mercy, which is now touring alongside our Rejoice! ensemble. We also added menâ&#x20AC;&#x2122;s and womenâ&#x20AC;&#x2122;s intercollegiate soccer, which has met with great enthusiasm among our student body. PLANNING FOR THE FUTURE God is doing wonderful things at Welch. We project our enrollment will continue to increase, to the point where, in the next few years, we will surpass our record enrollment (in 1981-82) of 648 students. In addition to enrollment growth that is possible with our new name

and new campus, these changes have drawn new donors and potential donors to Welch, and God is placing a burden on their hearts for the support of the sort of Christ-centered education they see at the heart of Welch College. I believe God is going to work through His people to bring about the greatest era of enrollment and philanthropic growth in the history of Welch College, positioning us to go further than we have ever gone before in fulfilling our divine calling and mission. I believe that, very soon, we will see our debt paid off through our Building on the Legacy capital campaign, as well as the construction of new campus housing to make room for our growing student body, a student services building to free up beds in the men’s residence hall, and a large chapel/auditorium (a tremendous need), which will also have additional office and classroom space. I envision the beginning of new bachelor’s degree programs in culture-impacting areas such as politics, Christianity and culture, and journalism. I also believe we will be able to launch new joint degree programs like the one we have in nursing, where students who keep their GPAs up are guaranteed admission into highly competitive fields to which they simply cannot be guaranteed admission when they start most schools as freshmen. I also envision the initiation of a residential Master of Divinity (M.Div.) degree that will offer

substantial scholarship aid to attract students to a traditional, on-campus M.Div. program, resulting in the establishment of a theological seminary or divinity school on the campus of Welch College. CONCLUSION The accomplishment of these goals depends on you. We are counting on you to pray for Welch College that God would provide our needs and add to our growth and kingdom impact. We are counting on you to give more sacrificially than you have ever given to support the greatest building and growth program in our denomination’s history. Finally, we are counting on you to continue to point students to our Christian community of faith and learning. I thank you from the bottom of my heart for all you do for Welch. The Lord bless you and keep you. Sincerely,

J. Matthew Pinson President

BOARD of TRUSTEES MR. MIKE ARMSTRONG - Secretary Educator Wheelersburg, OH REV. WILL BEAUCHAMP - Vice-Chairman Pastor, First Free Will Baptist Church of Tampa Seffner, FL REV. TIM CAMPBELL Pastor, First Free Will Baptist Church Walnut Ridge, AR DR. JEFF CRABTREE - Chairman Pastor, Serenity Free Will Baptist Church Fredericton, New Brunswick, Canada 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 DR. EDDIE MOODY Pastor, Tippettâ&#x20AC;&#x2122;s Chapel Free Will Baptist Church Chairman, Department of Allied Profession, North Carolina Central University Clayton, NC REV. BRAD RYAN Pastor, Ina Free Will Baptist Church Ina, IL REV. THERON SCOTT Pastor, Horse Branch Free Will Baptist Church Turbeville, SC

REGISTRATION REPORT TOTAL ENROLLMENT: 431 STATES

CLASSIFICATION

Alabama �� 17 Arkansas �� 11 California �� 2 Florida �� 13 Georgia �� 9 Hawaii �� 1 Illinois �� 15 Indiana �� 4 Kansas �� 5 Michigan �� 3 Mississippi �� 2 Missouri �� 12 North Carolina �� 30 Ohio �� 3 Oklahoma �� 4 Pennsylvania �� 1 Rhode Island �� 1 South Carolina �� 6 South Dakota �� 1 Tennessee �� 252 Texas �� 4 Virginia �� 12 West Virginia �� 1 US Virgin Islands �� 2 International �� 20

Freshman �� Sophomore �� Junior �� Senior �� Graduate School �� Non-degree Part-time �� Dual Enrollment ��

OTHER CATEGORIES 94 76 75 67 31 16 72

VOCATIONAL* Christian Ministry (Grad) �� 25 Christian Ministry (Bach)** �� 44 Christian Ministry (Assoc) �� 14 Missions �� 14 Biology (TE Licensure: 4) �� 10 Business �� 51 English (TE Licensure: 5) �� 14 Exercise Science (TE Licensure: 4) �� 16 General Studies �� 48 History (TE Licensure: 6) �� 9 Music (BME Licensure: 2) �� 8 Psychology �� 22 Science/Nursing �� 22 Teacher Education*** �� 57 Non-degree Part-time �� 15 Dual Enrollment �� 72

Full-time �� 225 Part-time �� 206 Male �� 207 Female �� 224 Single �� 351 Married �� 80 Dorm �� 191 Commuter �� 54 Graduate School �� 31 Adult �� 27 Online �� 40 Lifetime Learning �� 16 Dual Enrollment �� 72 New �� 128 Transfer �� 16 Continuing �� 194 Re-admit �� 6 Non-degree Part-time �� 15 Dual Enrollment �� 72 Free Will Baptist �� 251 Other �� 180

THE STUDENT BODY REPRESENTS 23 STATES, 1 TERRITORY (USA) AND 5 FOREIGN COUNTRIES (BULGARIA, CANADA, JAPAN, PANAMA, AND SPAIN).

*Pursuing multiple degrees. **Pursuing vocational Christian ministry: Pastoral, Youth and Family, and General Christian Ministries. ***Includes Graduate (MAT), Early Childhood, preK-3, Child Development and Learning, and post-baccalaureate (1). Although the total number of students pursuing TE licensure is 57, those pursuing secondary licensure, Grades 6-12 (Bible, Biology, English, History, Music, and Physical Education) are counted in their respective content areas for the purposes of this report. 10

TOP GIVING CHURCHES

Faith Free Will Baptist Church

Knoxville

$78,000.00

Ebenezer Free Will Baptist Church

Glennville

$41,740.00

Horse Branch Free Will Baptist Church

Turbeville

$34,182.36

Unity Free Will Baptist Church

Greenville

$30,425.04

First Free Will Baptist Church

Albany

$29,565.00

Lebanon Free Will Baptist Church

Effingham

$28,165.20

Bethel Free Will Baptist Church

Chapmansboro

$24,766.95

Bethel Free Will Baptist Church

Kinston

$22,560.00

First Free Will Baptist Church

Duncanville

$20,000.00

10.

Connect Church

Russellville

$13,004.20

11.

New Hope Free Will Baptist Church

Joelton

$12,210.00

12.

The Donelson Fellowship

Nashville

$11,911.47

13.

Sutton Free Will Baptist Church

Pocahontas

$11,500.00

14.

First Free Will Baptist Church

Dothan

$9,828.52

15.

Immanuel Free Will Baptist Church

Durham

$9,077.00

16.

First Free Will Baptist Church

Northport

$8,696.93

17.

Tippett's Chapel Free Will Baptist Church

Clayton

$8,618.19

18.

Calvary Fellowship Free Will Baptist Church

Fenton

$8,579.00

19.

Piney Grove Free Will Baptist Church

Chipley

$6,992.25

20.

Liberty Free Will Baptist Church

Marion

$6,842.00

21.

Pine Level Free Will Baptist Church

Alma

$6,317.00

22.

Porter Free Will Baptist Church

Sciotoville

$6,199.00

23.

Red Bay Free Will Baptist Church

Red Bay

$6,050.38

24.

Peace Free Will Baptist Church

Wilson

$6,000.00

25.

Bethlehem Free Will Baptist Church

Ashland City

$5,989.00

26.

First Free Will Baptist Church

Walnut Ridge

$5,980.00

27.

Garner Free Will Baptist Church

Garner

$5,940.00

28.

Sherwood Forest Free Will Baptist Church

New Bern

$5,721.92

29.

Peace Free Will Baptist Church

Florence

$5,600.00

30.

Bethany Free Will Baptist Church

Timmonsville

$5,350.00

31.

Cross Timbers Free Will Baptist Church

Nashville

$5,080.19

I believe God is going to work through His people to bring about the greatest era of enrollment and philanthropic growth in the history of Welch College, positioning us to go further than we have ever gone before in fulfilling our divine calling and mission.

32.

Westside Free Will Baptist Church

Johnsonville

$5,013.51

33.

Connect Church

Tupelo

$5,000.00

34.

Grace For The World Ministries

Dickson

$5,000.00

35.

Hurricane Chapel Free Will Baptist Church

Dickson

$5,000.00

36.

First Free Will Baptist Church of Tampa

Seffner

$5,000.00

37.

Temple Free Will Baptist Church

Winterville

$4,670.00

38.

Head's Free Will Baptist Church

Cedar Hill

$4,391.00

39.

Cofer's Chapel Free Will Baptist Church

Nashville

$3,900.00

40.

Fairview Free Will Baptist Church

Spartanburg

$3,680.10

41.

First Free Will Baptist Church

Mountain Grove

$3,535.00

42.

Lighthouse Free Will Baptist Church

Effingham

$3,499.99

43.

Sand Hill Free Will Baptist Church

Coward

$3,347.00

44.

Fellowship Free Will Baptist Church

Kingsport

$3,300.00

45.

Olivet Free Will Baptist Church

Clarksville

$3,239.72

46.

First Free Will Baptist Church

Sulligent

$3,239.45

47.

First Free Will Baptist Church

Vernon

$3,212.71

48.

Liberty Free Will Baptist Church

Lawley

$3,092.99

49.

Ashland City Free Will Baptist Church

Ashland City

$3,084.00

50.

Woodhaven Free Will Baptist Church

Woodhaven

$3,000.00

TOTAL: �� $555,097.07

TOP GIVING ASSOCIATIONS Tennessee �� $88,182.25 Alabama �� $40,807.54 Missouri �� $30,489.73 Oklahoma �� $27,124.68 Arkansas �� $20,433.04 Mississippi �� $12,408.44 North Carolina �� $5,805.37 Ohio �� $5,484.65 Texas �� $3,941.06 Georgia �� $3,654.97 Illinois �� $3,214.38 Virginia �� $2,711.47

Florida �� $2,582.35 West Virginia �� $2,409.37 Kentucky �� $1,652.74 New Mexico �� $779.65 Atlantic Canada �� $778.56 Michigan �� $744.14 California �� $614.23 NW District Association �� $294.04 Kansas �� $135.85 Indiana �� $90.59 Mid-Atlantic District Association �� $66.51 Arizona �� $29.04

TOTAL: �� $254,434.65

WELCH FUND GIFTS Tennessee �� $358,867.06 Georgia �� $146,171.52 North Carolina �� $139,874.21 South Carolina �� $110,166.84 Missouri �� $93,810.40 Oklahoma �� $90,309.40 Alabama �� $59,215.87 Arkansas �� $54,483.34 Florida �� $47,871.51 Illinois �� $29,755.79 Mississippi �� $24,781.44 Ohio �� $21,232.65 Texas �� $18,651.06 West Virginia �� $11,305.19 Kentucky �� $7,817.74 Virginia �� $7,315.08

Michigan �� $4,014.14 California �� $3,959.16 Indiana �� $2,840.62 Washington �� $2,600.00 Canada �� $2,292.09 Virgin Islands �� $1,611.04 Idaho �� $1,500.00 New Mexico �� $1,104.65 Pennsylvania �� $1,066.51 Colorado �� $600.00 Oregon �� $395.91 Kansas �� $375.85 Brazil �� $180.00 Arizona �� $179.04 Hawaii �� $100.00

TOTAL: �� $1,244,448.11

CORPORATE DONORS & FOUNDATION GIFTS $100,000+

UNDER $1,000

National Christian Foundation

Alvy's Auto Electric Amazon Smile Bank of Tennessee Bishop's Funeral Home CD Baby Christian Brothers Automotive Coley Insurance Agency Curtis Builders, LLC Dollar General Eaton and Associates, LLC F & M Bank FirstState Bank Free Will Baptist Board of Retirement Gallatin Chamber Foundation Hendersonville Medical Center Kroger MobileCause, Inc. Phillips 66 Corporate Contributions Pinnacle Bank Puryear Farms, Inc. River Dew Corporation Rogers Group, Inc. Runyon & Runyon S. G. Wilkerson and Son, Inc. Sellars of Sumner, LLC ServPro Sumner County Tenn Holdings GP The Church at Indian Lake YourCause, LLC

$50,000 - $99,999 Do Unto Others Trust Free Will Baptist Foundation

$10,000 - $49,999 Anonymous FirstBank Howard R. Price Trust JKM Enterprises, LLC Newberry Family Foundation, Inc. Sumner Regional Medical Center

$1,000 - $9,999 Carolyn L. Schwieger Trust Clayton Properties Group, Inc. Coker, Wolfe & Associates, Inc. Eventbrite Hendersonville Chamber Foundation Leah Waddell Scholarship Fund Lewis Letterworks North Carolina WAC Olympian Construction Randall House Publications Sesser Auto Body, Inc. Wilson Bank & Trust Women Nationally Active for Christ

DONORS FOUNDERS' CIRCLE $100,000 + Mr. and Mrs. Phillip D. Faircloth Mr. and Mrs. W. O. Powers

PRESIDENT'S CIRCLE $20,000 - $99,999 Mr. and Mrs. James W. Beasley Mr. and Mrs. Benjamin S. Evans Dr. and Mrs. Paul Inbody Mr. Tilden E. Parks, Jr. Mr. Glen Roberts

LEGACY CIRCLE $10,000 - $19,999 Anonymous Mr. and Mrs. Mac Atkinson, Sr. Mr. and Mrs. Dennis L. Cook Mr. and Mrs. Stephen Purser Mr. and Mrs. Van J. Stewart Mr. and Mrs. Jerry Linwood Taylor

HERITAGE CIRCLE $5,000 - $9,999 Dr. David L. and Congressman Diane Black Ms. Vicki L. Cherry Mr. Zenis R. Childress Dr. and Mrs. James Cox Mr. Jack L. Daniel Dr. and Mrs. Richard Frazier Mr. and Mrs. Glenn A. Harris Mrs. Janet G. Hicks Mr. and Mrs. Jimmy L. Holley Mr. Fred T. Keifer, Jr.

Dr. and Mrs. Paul G. Ketteman Mr. and Mrs. Jason King Dr. and Mrs. Thurman M. Pate, Jr. Drs. Greg and Etta Patterson Mr. Nolan E. Purcell Dr. Wright S. Skinner

EXECUTIVE CIRCLE $2,500 - $4,999 Chaplain and Mrs. Robert P. Cooper Rev. and Mrs. Jacob M. Creech Rev. and Mrs. Mike Edwards Rev. and Mrs. William W. Evans Capt. E. Blant Ferguson Mr. Freddie L. Fields Mr. and Mrs. James S. Futrell Mr. and Mrs. Watson Hall Mr. Jules Hancart Mr. and Mrs. Craig Mahler Mr. and Mrs. James Maute Mr. Charles Z. Moore Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. Thomas A. Sass Drs. Douglas and Judy Simpson Mr. Donald Southerland Mrs. Karen M. Sparks Rev. and Mrs. David Williford Mr. and Mrs. Gary W. Wright

LEADERSHIP CIRCLE $1,000 - $2,499 Mrs. Janie Aldridge Mr. and Mrs. A. C. Allen Rev. and Mrs. Billy Barlow Rev. and Mrs. James T. Beck Mr. and Mrs. Leroy Blades Mr. and Mrs. David L. Brown Rev. and Mrs. Tommie D. Carlson

Mr. and Mrs. James R. Carr Mr. and Mrs. Dennis A. Chamberlin Rev. and Mrs. Russell Clouse Mr. and Mrs. Daniel M. Dean Mr. and Dr. Levia Recardo Deel Mr. and Mrs. Mark E. Driggers Mr. and Mrs. David C. Edgil Mr. William W. Ezell Mr. and Mrs. Ronald W. Ferrell Dr. Milton B. Fields Rev. and Mrs. Terry L. Forrest Mr. Darrell L. Fulton Mr. and Mrs. Joseph L. Gilliam Chaplain and Mrs. Walter E. Golding Mr. and Mrs. Joseph A. Goodfellow Mr. and Mrs. James L. Hughes Ms. Regina D. Ivens Rev. and Mrs. Bobby R. Jackson Rev. Roy S. Jensen Ms. Bernadene Little Kemble Dr. and Mrs. James Kilgore Mr. and Mrs. Dell D. Lamm Dr. and Mrs. C. Thomas Malone Mrs. Carol Malone-Cooper Mr. Carl D. McCabe Rev. and Mrs. Wayne Miracle Rev. and Mrs. William L. Morris Mrs. Juanita S. Nicholson Mr. Tilden Parks Rev. and Mrs. F. Todd Parrish Mr. Brian Phillips Dr. Robert E. Picirilli Mr. Wilkie L. Poole Mr. Russell W. Poston Mr. and Mrs. John C. Powelka Mr. and Mrs. Mike Price Mr. and Mrs. Eddie Richardson Dr. and Mrs. Roger G. Russell, Jr. Rev. and Mrs. Brad Ryan Mr. and Mrs. J. Wayne Salyer Mrs. Lynn Seymour Rev. and Mrs. David Shores

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

Mr. Walter Ray Smith Mr. and Mrs. Donald L. Smith Mr. and Mrs. John F. Spickler Mr. and Mrs. Greely D. Stafford Chaplain and Mrs. Kerry M. Steedley Mr. and Mrs. Mark Tart Mr. and Mrs. Frankie S. Walker Mr. and Mrs. Kent Waller Mr. and Mrs. Jerry A. White Mr. and Mrs. Kenneth E. Williams Rev. and Mrs. Daniel Williams Mrs. Elaine M. Williamson Mr. and Mrs. Marvin E. Willoughby Dr. and Mrs. Frederick L. Yerby Mr. and Mrs. John G. Zubor

FRIENDSHIP CIRCLE $250 - $999 Anonymous (2) Mr. and Mrs. Terry M. Akers Mr. and Mrs. J. W. Allen Mr. and Mrs. Michael L. Armstrong Mr. and Mrs. Phillip Ashcraft Rev. and Mrs. Allan Austin Miss Molly Barker Rev. and Mrs. M. Wayne Bess

Rev. and Mrs. Ronnie Blanks Mr. and Mrs. Max Bolin Mr. and Mrs. Richard W. Bowers Mr. Eric A. Brant Mr. and Mrs. Frank E. Breedlove Mr. and Mrs. Tildon J. Brooks Mr. and Mrs. Randolph W. Brooks Ms. Kay F. Brown Mr. Joe C. Brown Mr. and Mrs. Edgar J. Brumfield Mr. and Mrs. Preston F. Bryan Mr. and Mrs. Larry N. Bryan Ms. Jean Bryan Rev. and Mrs. Randall A. Bryant Dr. and Mrs. Seldon Buck Mrs. Eileen Butler Mr. and Mrs. Kevin Buttry Ms. Gale Cales Mrs. Helen Y. Cannon Mr. and Mrs. George R. Capps Mrs. Gwen Carraway Mr. and Mrs. Robert Carter Mr. and Mrs. John L. Carter Mr. Manuel Casarez Rev. and Mrs. Jeffrey L. Caudill Miss Doris J. Chamberlin Mr. and Mrs. Gary F. Clark Dr. and Mrs. Jeff Cockrell

Mr. and Mrs. W. Glenn Cole Ms. Rhoda Creech Mrs. Margaret Daniels Mr. and Mrs. James R. Daniels, Jr. Mr. and Mrs. Thomas A. Davis Mr. and Mrs. Richard L. Davis Mr. and Mrs. William H. Day Mr. and Mrs. Marvin L. Deaver Mr. Byron P. Deel Ms. Gwen Dismuke Mr. and Mrs. Paul R. Drake Mr. and Mrs. Edward E. Driggers Rev. and Mrs. Galen F. Dunbar Dr. and Mrs. Kenneth P. Eagleton Mr. and Mrs. Donald D. Erwin Mrs. Ronnie B. Finch Mr. and Mrs. Nathan Fletcher Mr. Leroy and Dr. Fay Forlines Mr. and Mrs. Ralph Foster Mr. and Mrs. Dave R. Franks, Sr. Mr. and Mrs. Gerald L. Gibbs Mr. and Mrs. J. Earl Gilliam Mr. and Mrs. Michael L. Gillin Mr. and Mrs. John A. Gorrell Mr. and Mrs. Walter E. Gragg Mrs. Frances H. Gregory Rev. and Mrs. Shiloh C. Hackett Ms. Debra R. Haddock

Mr. Thurman B. Hall, II Mr. Harold B. Hall Rev. and Mrs. Larry D. Hampton Mr. and Mrs. Lyman Wayne Hawkins Mrs. Carolyn Head Dr. and Mrs. Kevin L. Hester Mr. and Mrs. Barney D. Hicks Rev. and Mrs. Edwin L. Hill Rev. and Mrs. Edward L. Hodges, Jr. Ms. Carol D. Holland Mr. and Mrs. Zachary A. Howell Rev. and Mrs. Steven L. Hughes Mrs. Marian V. James Mr. and Mrs. Peter J. Johnson Rev. and Mrs. Harlen R. Johnson Mrs. Dessie B. Jones Mr. and Mrs. Larry G. Jones Mrs. Betty Joslin Rev. and Mrs. Jonathon S. Justice Mrs. Debra Kash Mr. Gerald R. Kirby Rev. and Mrs. Earl R. Langley Mr. and Mrs. John Latham, Jr. Ms. Shirley Lee Mr. and Mrs. Donald G. Lee Mrs. Carolyn Hasty Lemaster Rev. and Mrs. Ernie L. Lewis Mr. and Mrs. Paul E. Lewis Mr. and Mrs. Tommy E. Lewis Miss Jessie Lindsley Mr. Duane Littlefield Mrs. Donna Locklear Mr. and Mrs. Charles H. Lomenick Dr. Alton Loveless Rev. Thomas A. Lovett Ms. Nancy Z. Maddox Dr. and Mrs. Jeffrey A. Manning Mr. and Mrs. Rick Mayo Rev. and Mrs. Oral McAffee Mr. and Mrs. Roland L. McBride Mr. and Mrs. John M. McCall Rev. and Mrs. Jerry W. McClary Mrs. Olena McLain

Mr. and Mrs. William D. McMahan Mr. and Mrs. Samuel P. McVay Mr. and Mrs. Stephen P. Messer Mrs. Hazel King Metcalf Mr. Donald A. Miller Mrs. Vivian Milom Mr. and Mrs. William David Mishler Mrs. Sammie Montgomery Dr. and Mrs. Edward E. Moody, Jr. Mr. and Mrs. Hamlee H. Moon Mrs. Velma Moseley Mr. and Mrs. Marvin L. Moye Rev. Steve Nichols Rev. Brent A. Nix Rev. J. D. Norris, Jr. Mr. and Mrs. Robert D. Norville Ms. Jane P. O'Connor Mr. and Mrs. John E. O'Neal Rev. and Mrs. Tim D. Owen Rev. and Mrs. Jesse F. Owens Mr. and Mrs. Joshua R. Owens Mrs. Frances Parrish Mr. and Mrs. Lee A. Penn Mr. and Mrs. Malcolm Peterson Rev. and Mrs. Judson Phenicie Mr. and Mrs. Timothy L. Pierce Mr. And Mrs. Jerry Pinkerton Mr. and Mrs. John W. Pinson Mr. Daniel A. Plunkett Mr. and Mrs. David C. Pool Rev. and Mrs. Joseph P. Postlewaite Rev. and Mrs. Glenn Poston Rev. and Mrs. Jerry L. Rackley Mr. and Mrs. David L. Rackley Mr. and Mrs. Skeeter Redmon Mr. and Mrs. John W. Riddle, Jr. Mr. and Mrs. Stephen Rigdon Dr. Sharon H. Rodgers Mr. and Mrs. Larry J. Russell Mr. and Mrs. Thad A. Satterfield Mrs. Luella Scudder Dr. Linda P. Shipley Mr. and Mrs. Carl D. Short

Rev. and Mrs. Kenneth D. Simpson Mr. and Mrs. William H. Slater Mr. and Mrs. John Benjamin Smith Mr. Chris Snoddy Mr. and Mrs. Jonathan D. Snow Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. John R. Stanley Mr. Larry Stephens Mr. and Mrs. Gary Stephens Mr. and Mrs. Fredis R. Strickland Dr. and Mrs. Charles A. Thigpen Mr. and Mrs. Michael T. Thompson Mr. and Mrs. Ernest L. Thompson Rev. and Mrs. Steven Thrasher Mrs. Dianne Tippett Mr. and Mrs. Danny J. Trail Mrs. Lissie Turnage Dr. and Mrs. Jeffrey A. Turnbough Mr. and Mrs. Kenneth A. Upright Miss Patsy Vanhook Rev. and Mrs. Bill VanWinkle Rev. Billy B. Walker Mr. and Mrs. Stanley L. Wall Dr. and Mrs. W. Jackson Watts Rev. and Mrs. Daniel Webster Miss Pamela B. Westerman Mr. and Mrs. Donald G. White Mr. and Mrs. Roger L. Wilkinson Miss Marjorie L. Williams Mr. and Mrs. Harold R. Williams Ms. Betty J. Willis Mr. and Mrs. Charles R. Wise, Jr. Mr. and Mrs. Delbert E. Wood Mr. and Mrs. Vincent P. Woody Rev. and Mrs. Eugene Workman Mrs. Linda C. Wrightson Mr. and Mrs. Wesley Yoho Mrs. Nancy A. Young Mrs. Dale E. Young Mr. and Mrs. Leland T. Zegelien

Free Will Baptists are continuing to trust us with the best student leaders from their churches across the country. 20

O SEND OUT THY LIGHT AND THY TRUTH. . . ."

TORCHBEARER CLUB Mr. Phillip L. Adkins Mr. and Mrs. A. C. Allen Mr. and Mrs. J. W. Allen Rev. and Mrs. Derek A. Altom Mr. and Mrs. Phillip Ashcraft Miss Molly Barker Rev. and Mrs. Joe Beckon Mr. and Mrs. Leroy Blades Rev. and Mrs. Ronnie Blanks Mr. and Mrs. Max Bolin Mr. and Mrs. Richard W. Bowers Mr. Eric A. Brant Mr. and Mrs. Randolph W. Brooks Mr. Joe C. Brown Mr. and Mrs. Edgar J. Brumfield Mr. and Mrs. Larry N. Bryan Mr. and Mrs. Robert T. Bryan Rev. and Mrs. Paul R. Bryant Rev. and Mrs. Randall A. Bryant

Dr. and Mrs. Seldon Buck Mr. and Mrs. Kevin Buttry Ms. Gale Cales Rev. and Mrs. Ben Campbell Rev. and Mrs. Timothy G. Campbell Mr. and Mrs. George R. Capps Mr. and Mrs. James R. Carr Mrs. Gwen Carraway Rev. and Mrs. Jeffrey L. Caudill Miss Doris J. Chamberlin Mr. and Mrs. Gary F. Clark Mrs. Kay Clark Rev. and Mrs. Russell Clouse Dr. and Mrs. Jeffrey Cockrell Rev. and Mrs. Chris Compton Mr. and Mrs. Charles F. Cox Mr. and Mrs. James A. Crowson Mr. and Mrs. Daniel M. Dean Mr. and Mrs. Marvin L. Deaver

WHO IS A TORCHBEARER? Torchbearers are individuals or families who commit to become monthly donors through a bank draft or automated credit card gift of at least $25 per month to the Welch Fund. Torchbearer Club members are honored by the college by receiving a Welch College tee shirt, free admission to Flames athletic events, a special reception at the annual Bible Conference/Forum event, and an e-newsletter keeping them apprised of happenings in the college community.

WHY MONTHLY GIVING? Monthly giving allows you to give larger gifts than you might imagine. A $25 per month gift allows you to give $300 per year, $50 per month provides a $600 annual gift, and a monthly gift of $83.34 lets you make a $1000 per year contribution!

Ms. Gwen Dismuke Mr. and Mrs. Paul R. Drake Mr. and Mrs. Edward E. Driggers Dr. and Mrs. Kenneth P. Eagleton Rev. and Mrs. Mike Edwards Mr. and Mrs. William Evans Rev. and Mrs. Gregory R. Fawbush Mr. and Mrs. Ronald W. Ferrell Dr. Milton B. Fields Mr. and Mrs. Ralph Foster Mr. and Mrs. Dave Franks, Sr. Mr. and Mrs. James S. Futrell Mr. and Mrs. Michael L. Gillin Mr. and Mrs. Joseph A. Goodfellow Mr. and Mrs. John Gorrell Rev. and Mrs. Shiloh C. Hackett Ms. Debra R. Haddock Mr. Harold B. Hall Rev. and Mrs. Joseph Hall

Dr. Robert E. Picirilli Mr. and Mrs. Timothy L. Pierce Dr. and Mrs. J. Matthew Pinson Mr. and Mrs. John W. Pinson Mr. and Mrs. David C. Pool Rev. and Mrs. Joseph P. Postlewaite Rev. and Mrs. Glenn Poston Mr. and Mrs. John C. Powelka Mr. Nolan E. Purcell Mr. and Mrs. David L. Rackley Mr. and Mrs. Skeeter Redmon Dr. Sharon Rodgers Rev. and Mrs. Brad Ryan Mr. and Mrs. Thomas A. Sass Mr. Darryl Scott Mrs. Karen M. Sparks Mr. and Mrs. Wayne E. Spruill Mr. and Mrs. John R. Stanley Mr. and Mrs. Gary Stephens Mr. Larry Stephens Rev. and Mrs. Christopher Talbot Mr. and Mrs. Ernest L. Thompson Mrs. Dianne Tippett Mr. and Mrs. Danny J. Trail Miss Patsy Vanhook Rev. and Mrs. Bill VanWinkle Mr. and Mrs. Stanley L. Wall Dr. and Mrs. W. Jackson Watts Rev. and Mrs. David Williford Ms. Betty J. Willis Mr. and Mrs. Vincent P. Woody Rev. and Mrs. Eugene Workman Mr. and Mrs. Gary W. Wright Mrs. Linda C. Wrightson

TO R

Ms. Nancy Z. Maddox Mr. Charles K. Maness Mr. and Mrs. Rick Mayo Dr. and Mrs. Matthew J. McAffee Mr. and Mrs. John M. McCall Mrs. Olena McLain Mr. and Mrs. Samuel P. McVay Mrs. Hazel King Metcalf Mrs. Sammie Montgomery Mr. and Mrs. Hamlee H. Moon Mrs. Velma Moseley Rev. Steve Nichols Mrs. Juanita S. Nicholson Mr. John E. O'Neal Mr. and Mrs. Thomas Oster Rev. and Mrs. Tim D. Owen Rev. and Mrs. Frank Owens Rev. and Mrs. Jesse F. Owens Mr. and Mrs. Joshua R. Owens Rev. and Mrs. F. Todd Parrish Drs. Greg and Etta Patterson Mr. and Mrs. Lee A. Penn Rev. and Mrs. Judson Phenicie

E LC

Mr. and Mrs. Watson Hall Miss AnnaGee C. Harris Mrs. Carolyn Head Mr. and Mrs. Barney D. Hicks Mr. and Mrs. Russell Houske Ms. Charity D. Humbles Mr. and Mrs. Jimmy Hunter Mrs. Marian V. James Mrs. Mary K. Joslin Rev. and Mrs. Jonathon S. Justice Dr. and Mrs. Paul G. Ketteman Dr. and Mrs. James Kilgore Rev. Bruce E. Kimbrel Mr. Gerald R. Kirby Rev. and Mrs. Earl R. Langley Dr. and Mrs. Charles L. Lea Mr. and Mrs. Donald G. Lee Mrs. Carolyn Lemaster Rev. and Mrs. Ernie L. Lewis Mr. Jonathan Lewis Mr. and Mrs. Tommy E. Lewis Mr. Duane Littlefield Rev. Thomas A. Lovett

EARER GE H C OLLE

REVENUES & EXPENDITURES CHANGE IN NET ASSETS: $174,364

Expenses

Revenues

Unrestricted Funds

T OTA L REVENUES

T OTA L EXPENSES

$8,597,657

$8,423,293

Tuition & Fees $2,776,200

Instructional

Unrestricted Gifts $3,011,925

Academic Support $617,787

Other income $32,238

Student Services $884,318

Investment, endowment, & misc. $35,746

Institutional Support $2,631,452

Auxiliary $1,375,479

Physical Plant $635,264

Net Assets Released & Reclassifications $1,415,405

Interest Expense $932,467

Other Changes in Net Assets ($49,336)

Auxiliary $1,066,001

$1,656,004

1045 Bison Trail Gallatin, TN 37066

OUR MISSION: EDUCATING LEADERS TO SERVE CHRIST, HIS CHURCH, AND HIS WORLD THROUGH BIBLICAL THOUGHT AND LIFE

welch.edu | 1.888.97.WELCH 28