Lawrence Technological University
- Assets
- $205.4m
- Revenue
- $81.7m
- Investments
- $6.2m
- Employees
- 1,352
- Location
- Southfield, MI
- Founding
- 09/1937
- Data as of
- 06/2023
- EIN
- 38-1369604
Organization Overview
Lawrence Technological University is located in Southfield, MI. The organization was established in 1937. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2023, Lawrence Technological University employed 1,352 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lawrence Technological University 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, Lawrence Technological University generated $81.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $86.2m during the year ending 06/2023. While expenses have increased by 3.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
A HIGHER EDUCATIONAL UNIVERSITY BY ITS MISSION TO DEVELOP LEADERS THROUGH INNOVATIVE AND AGILE PROGRAMS EMBRACING THEORY AND PRACTICE. THE UNIVERSITY'S VISION IS TO BE A PREEMINENT PRIVATE UNIVERSITY PRODUCING LEADERS WITH AN ENTREPRENEURIAL SPIRIT AND GLOBAL VIEW.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIGHER EDUCATION : ASSOCIATES, BACCALAUREATE, GRADUATE PROGRAM SERVICES WERE PROVIDED TO 3,447 STUDENTS AND 600 RECEIVED DEGREES. THIS ACTIVITY CONTRIBUTES IMPORTANTLY TO THE UNIVERSITY'S PURPOSE BY PROVIDING FUNDING FOR EDUCATIONAL SERVICES AT LESS THAN THE AGGREGATE COSTS OF THESE SERVICES. THIS IS THE EXEMPT PURPOSE OF THE UNIVERSITY.
HIGHER EDUCATION : CAMPUS APARTMENTS, RESIDENCES, AND RESIDENTIAL SERVICES WERE PROVIDED FOR 938 STUDENTS PRIMARILY IN HOUSING. THESE ACTIVITIES ARE IMPORTANT COMPONENTS FOR THE UNIVERSITY'S PRIMARY EXEMPT PURPOSE OF PROVIDING EDUCATIONAL SERVICES. THESE ACTIVITIES INCLUDE HOUSING, CAFETERIA SERVICES, BOOKSTORE SERVICES, AND OTHER RELATED SERVICES DEEMED NECESSARY FOR THE STUDENTS.
HIGHER EDUCATION : STUDENT ACTIVITIES - ACADEMIC ASSOCIATIONS, STUDENT GOVERNMENT, RECREATIONAL AND ATHLETIC PROGRAMS. PARTICIPATION IN VARIOUS ASSOCIATIONS WERE USED BY 2,505 STUDENTS. THESE ACTIVITIES ARE IMPORTANT COMPONENTS FOR THE UNIVERSITY'S PRIMARY EXEMPT PURPOSES OF PROVIDING EDUCATIONAL SERVICES. THESE ACTIVITIES INCLUDE LIBRARY, COPIER, TRANSCRIPTS, FINES AND OTHER VARIOUS SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tarek Sobh President | Officer | 40 | $737,203 |
Nabil Grace Dean Of Engineering | Officer | 40 | $403,196 |
Daniel Radomski Executive Director Of Accelerator | Officer | 40 | $366,723 |
Linda Height Chief Financial Officer | Officer | 40 | $241,277 |
Richard Heist Provost | Officer | 40 | $240,000 |
Karl Daubmann Dean Of Architecture | Officer | 40 | $226,425 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Yellow Flag Productions Advertising | 6/29/23 | $1,297,527 |
Frank Rewold And Sons Construction | 6/29/23 | $427,531 |
Centerline Electric Electric Services | 6/29/23 | $402,916 |
Debuck Construction Construction | 6/29/23 | $143,630 |
Compact Information Services It Services | 6/29/23 | $159,128 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,014,774 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,656,635 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,671,409 |
| Total Program Service Revenue | $68,543,410 |
| Investment income | $2,985,070 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$457,605 |
| 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 | $81,742,284 |
| 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. | $2,363,620 |
| Compensation of current officers, directors, key employees. | $1,116,780 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,878,178 |
| Pension plan accruals and contributions | $163,569 |
| Other employee benefits | $2,351,806 |
| Payroll taxes | $2,485,870 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $126,603 |
| Fees for services: Accounting | $180,825 |
| Fees for services: Lobbying | $1,295 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $638,191 |
| Office expenses | $3,729,821 |
| Information technology | $1,769,157 |
| Royalties | $0 |
| Occupancy | $2,241,332 |
| Travel | $2,272,828 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,426,350 |
| Interest | $2,389,028 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,027,722 |
| Insurance | $740,823 |
| All other expenses | $9,467,765 |
| Total functional expenses | $86,222,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,578,851 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,092,307 |
| Accounts receivable, net | $7,920,182 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $222,337 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,085,883 |
| Net Land, buildings, and equipment | $103,626,896 |
| Investments—publicly traded securities | $80,661,231 |
| Investments—other securities | $6,176,806 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $205,364,493 |
| Accounts payable and accrued expenses | $17,421,320 |
| Grants payable | $173,208 |
| Deferred revenue | $5,713,232 |
| Tax-exempt bond liabilities | $54,366,739 |
| 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 | $1,485,283 |
| Total liabilities | $79,159,782 |
| Net assets without donor restrictions | $56,738,963 |
| Net assets with donor restrictions | $69,465,748 |
| 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 | $205,364,493 |