Western Carolina University Research & Development Corporation
- Assets
- $50.7m
- Revenue
- $2.3m
- Investments
- $8.3k
- Employees
- 0
- Location
- Cullowhee, NC
- Founding
- 08/2002
- Data as of
- 06/2023
- EIN
- 04-3587582
Organization Overview
Western Carolina University Research & Development Corporation is located in Cullowhee, NC. The organization was established in 2002. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Carolina University Research & Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Western Carolina University Research & Development Corporation generated $2.3m in total revenue. The organization has seen a slow decline revenue. Over the past 3 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $2.1m during the year ending 06/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
AID AND PROMOTE EDUCATION AND CHARITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AID AND PROMOTE THE EDUCATION AND CHARITABLE PURPOSES AND LAWFUL ACTIVITIES OF WESTERN CAROLINA UNIVERSITY, A CONSTITUENT INSTITUTION OF THE UNIVERSITY OF NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelli Brown President | OfficerTrustee | $0 | |
Michael T Byers Treasurer | OfficerTrustee | $0 | |
Pat Kaemmerling Chairman | OfficerTrustee | $0 | |
Bryant Kinney Vice Chairma | OfficerTrustee | $0 | |
Sam Miller Director | Trustee | $0 | |
Richard Starnes Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $710,504 |
| Investment income | $1,498,908 |
| Tax Exempt Bond Proceeds | $96,042 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,305,435 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,200 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,731,329 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $230,269 |
| All other expenses | $0 |
| Total functional expenses | $2,070,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $453,696 |
| Savings and temporary cash investments | $5,032,918 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,736,780 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,378,347 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,285 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $50,000 |
| Total assets | $50,660,026 |
| Accounts payable and accrued expenses | $139,023 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $45,724,483 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $45,863,506 |
| Net assets without donor restrictions | $680,738 |
| Net assets with donor restrictions | $4,115,782 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $50,660,026 |