United Methodist Higher Education Foundation
- Assets
- $56.7m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 6
- Location
- Nashville, TN
- Founding
- 04/1970
- Data as of
- 12/2022
- EIN
- 23-7077869
Organization Overview
United Methodist Higher Education Foundation is located in Nashville, TN. The organization was established in 1970. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, United Methodist Higher Education Foundation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. United Methodist Higher Education Foundation 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 12/2022, United Methodist Higher Education Foundation generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.0%) each year. All expenses for the organization totaled $2.4m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.4%) per year over the past 8 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
UMHEF PROVIDES ON AVERAGE IN EXCESS OF 2 MILLION IN SCHOLARSHIP FUNDING THROUGH ITS COLLABORATIVE PROGRAMS. IN PURSUIT OF THAT GOAL, THE FOUNDATION HOSTS ENDOWMENT FUNDRAISING EVENTS AND PROGRAMS TO RAISE SCHOLARSHIP DOLLARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNITED METHODIST DOLLARS FOR SCHOLARS PROVIDES MATCHING SCHOLARSHIPS FOR STUDENTS ATTENDING UNITED METHODIST-RELATED INSTITUTIONS. LOCAL UNITED METHODIST CHURCHES PROVIDE 1,000 TO A MEMBER STUDENT (TOTALING 468,000 IN 2022), THE UNITED METHODIST HIGHER EDUCATION FOUNDATION MATCHES EACH STUDENT'S 1,000, AND IN MOST INSTANCES THE UNITED METHODIST-RELATED EDUCATIONAL INSTITUTION MATCHES 1,000, BRINGING THE TOTAL AWARD TO 3,000 PER STUDENT. FURTHER, WITH A SELECT NUMBER OF UNITED METHODIST CONFERENCE FOUNDATIONS, THE AWARD IS MATCHED WITH AN ADDITIONAL 1,000 (TOTALING 245,625 IN 2022),BRINGING THE TOTAL AWARD TO 4,000 PER STUDENT. TOTAL SCHOLARSHIPS AWARDED BY UNITED METHODIST HIGHER EDUCATION FOUNDATION THROUGH THIS PROGRAM IN 2022 WERE 1,181,625.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert R Fletcher President/ce | Officer | 40 | $132,872 |
Glenn C Andrew Treasurer | OfficerTrustee | $0 | |
Jesse Ary Trustee | Trustee | $0 | |
Dr Irma Clark Trustee | Trustee | $0 | |
J Rowland Cook Trustee | Trustee | $0 | |
Cara Stultz Costello Trustee | 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 | $272,504 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $272,504 |
| Total Program Service Revenue | $0 |
| Investment income | $1,301,725 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $460,385 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,034,614 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,175,195 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $205,912 |
| Compensation of current officers, directors, key employees. | $41,182 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $320,032 |
| Pension plan accruals and contributions | $60,051 |
| Other employee benefits | $99,456 |
| Payroll taxes | $22,527 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $850 |
| Fees for services: Accounting | $18,169 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $17,034 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,507 |
| Office expenses | $44,939 |
| Information technology | $31,264 |
| Royalties | $0 |
| Occupancy | $127,183 |
| Travel | $39,710 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,359 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,178 |
| Insurance | $18,147 |
| All other expenses | $1,937 |
| Total functional expenses | $2,391,061 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $263,615 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $14,249 |
| Investments—publicly traded securities | $55,839,834 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $585,192 |
| Total assets | $56,702,890 |
| Accounts payable and accrued expenses | $314,218 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| 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 | $498,208 |
| Total liabilities | $812,426 |
| Net assets without donor restrictions | $26,549,789 |
| Net assets with donor restrictions | $29,340,675 |
| 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 | $56,702,890 |