Graceland University
- Assets
- $133.6m
- Revenue
- $58.0m
- Investments
- $48.3m
- Employees
- 936
- Location
- Lamoni, IA
- Founding
- 04/1942
- Data as of
- 05/2021
- EIN
- 42-0707114
Organization Overview
Graceland University is located in Lamoni, IA. The organization was established in 1942. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2023, Graceland University employed 936 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Graceland 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 05/2021, Graceland University generated $58.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $48.8m during the year ending 05/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE OTHE PRIMARY MISSION OF GRACELAND UNIVERSITY IS TO BE A LEARNING COMMUNITY, WHERE STUDENTS DEVELOP THEIR POTENTIAL FOR MEANINGFUL AND PRODUCTIVE LIVES THROUGH INTELLECTUAL, PHYSICAL, SOCIAL AND SPIRITUAL GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL PROGRAMS, GENERAL/OTHER: GRACELAND PRODUCES A LIBERAL ARTS EDUCATION OFFERED TO STUDENTS IN TRADITIONAL ON-CAMPUS PROGRAMS AND VIA DISTANCE LEARNING FORMATS. 22 UNDERGRADUATE MAJORS, 5 MASTERS DEGREES WITH 8 AREAS OF CONCENTRATION, 4 GRADUATE CERTIFICATE PROGRAMS AND 1 DOCTORATE PROGRAM ARE OFFERED. GRACELAND UNIVERSITY IS ACCREDITED BY THE HIGHER LEARNING COMMISSION. ACADEMIC SUPPORT INCLUDES ACCREDITATION AND ASSESSMENT ACTIVITIES, LIBRARIES, AND INSTRUCTIONAL TECHNOLOGY SUPPORT. (1,166 FTE)
TRIO GRANT PROGRAMS WHICH ARE ALL FUNDED BY GOVERNMENT GRANTS.
STUDENT SERVICES PROGRAMS, GENERAL/OTHER/AUXILLIARY: STUDENT SERVICES ENCOMPASSES CULTURAL AND SOCIAL ACTIVITIES FOR STUDENTS, INCLUDING STUDENT GOVERNMENT AND INTERCOLLEGIATE ATHLETICS. ALSO INCLUDED ARE OFFICES PROVIDING STUDENT SERVICE SUPPORT SUCH AS ADMISSIONS, REGISTRAR, AND OTHERS. AUXILLIARY SERVICES INCLUDE THE UNIVERSITY BOOKSTORE, FOOD SERVICES, RESIDENCE HALLS, AND SNACK SHOP AND VENDING ACTIVITIES.
STUDENT FINANCIAL AID PROGRAMS: SCHOLARSHIPS, GRANTS AND OTHER STUDENT FINANCIAL ASSISTANCE WERE RECEIVED BY 99% OF OUR RESIDENTIAL STUDENTS AND BY 90% AND 80% OF OUR ONLINE UNDERGRADUATE AND GRADUATE STUDENTS, RESPECTIVELY. FUNDING IS PROVIDED THROUGH INSTITUTIONAL SOURCES, GOVERNMENT GRANT PROGRAM ADMINISTERED BY THE UNIVERSITY, OR GOVERNMENT-SPONSORED LOAN PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Wiley Trustee/chair - As Of 8/2022 | OfficerTrustee | 12 | $0 |
Joseph Booz Trustee/vice Chair - As Of 8/2022 | OfficerTrustee | 3 | $0 |
David Brown Trustee/treasurer | OfficerTrustee | 2 | $0 |
Ryan Watson Trustee/secretary - As Of 8/2022 | OfficerTrustee | 2 | $0 |
Harry Ashenhurst Trustee/chair - Until 8/2022 | OfficerTrustee | 1 | $0 |
Bob Ackerley Trustee/vice Chair - Until 8/2022 | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Food Services | 5/30/23 | $2,896,296 |
Tallcorn Technologies Technology | 5/30/23 | $247,961 |
Waldinger Construction | 5/30/23 | $996,148 |
The Hansen Company Morden Renovation | 5/30/23 | $1,860,623 |
Eab Enrollment Consultant | 5/30/23 | $813,235 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,014,975 |
| Investment income | $178,352 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,664 |
| Net Rental Income | $3,960 |
| Net Gain/Loss on Asset Sales | $445,942 |
| Net Income from Fundraising Events | -$1,789 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,099 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,033,859 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $15,887,833 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $913,102 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,754,938 |
| Pension plan accruals and contributions | $1,181,745 |
| Other employee benefits | $1,363,808 |
| Payroll taxes | $774,375 |
| Fees for services: Management | $53,950 |
| Fees for services: Legal | $35,834 |
| Fees for services: Accounting | $80,892 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $15,886 |
| Fees for services: Other | $4,188,216 |
| Advertising and promotion | $1,229,500 |
| Office expenses | $2,498,892 |
| Information technology | $927,758 |
| Royalties | $0 |
| Occupancy | $1,022,183 |
| Travel | $459,644 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $203,414 |
| Interest | $1,043,626 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,829,673 |
| Insurance | $896,128 |
| All other expenses | $0 |
| Total functional expenses | $48,791,288 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,935 |
| Savings and temporary cash investments | $11,201,138 |
| Pledges and grants receivable | $4,516,532 |
| Accounts receivable, net | $2,473,836 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $239,247 |
| Prepaid expenses and deferred charges | $556,121 |
| Investments—publicly traded securities | $6,805,433 |
| Investments—other securities | $48,334,069 |
| Investments—program-related | $1,428,104 |
| Intangible assets | $0 |
| Other assets | $6,928,693 |
| Total assets | $133,638,779 |
| Accounts payable and accrued expenses | $4,177,813 |
| Grants payable | $0 |
| Deferred revenue | $3,368,706 |
| Tax-exempt bond liabilities | $16,628,586 |
| Escrow or custodial account liability | $505,525 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,631,614 |
| Unsecured mortgages and notes payable | $2,670,704 |
| Other liabilities | $12,173,514 |
| Total liabilities | $44,156,462 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $89,482,317 |