Bennett College
- Assets
- $45.2m
- Revenue
- $40.4m
- Investments
- $0.0
- Employees
- 228
- Location
- Greensboro, NC
- Founding
- 07/1977
- Data as of
- 06/2021
- EIN
- 56-0532296
Organization Overview
Bennett College is located in Greensboro, NC. The organization was established in 1977. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Bennett College employed 228 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bennett College 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 06/2021, Bennett College generated $40.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $15.8m during the year ending 06/2021. 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
THE MISSION OF THE COLLEGE IS TO PREPARE STUDENTS PERSONALLY, SOCIALLY AND INTELLECTUALLY TO EFFECTIVELY FUNCTION IN A CHANGING GLOBAL SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SUSTAIN A LEARNING COMMUNITY IN WHICH STUDENTS CAN PREPARE ACADEMICALLY, SOCIALLY, AND SPIRITUALLY FOR LEADERSHIP IN A COMPLEX, DIVERSE, AND RAPIDLY CHANGING WORLD.
AUXILIARY ENTERPRISE SUPPORTS THE COLLEGE'S MISSION OF PROVIDING QUALITY EDUCATIONAL OPPORTUNITIES. THESE SERVICES INCLUDE, BUT ARE NOT LIMITED TO, FOOD SERVICES, CAMPUS HOUSING, POSTAL SERVICES, PARKING, VENDING, CAMPUS STORES AND ATHLETICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Suzanne E Walsh JD President | Officer | 40 | $285,000 |
Ms Bonita Sherrod Interim Controller/assoc VP Business & Finance | Officer | 40 | $168,000 |
Mr James Hastings Vice President For Finance | Officer | 40 | $142,154 |
Ms Catherine Hurd Vice President, Enrollement Management | Officer | 40 | $118,000 |
Mr Ladaniel Gatling II Vice President, Institutional Advancement | Officer | 40 | $110,000 |
Ms Adrena Coleman Vice President For Operations And Logistics | Officer | 40 | $72,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo - Eft Payment Facilities/food Service | 6/29/21 | $678,236 |
United Healthcare Inc Insurance | 6/29/21 | $653,773 |
Lomax Construction Company Inc Construction | 6/29/21 | $487,012 |
Cliftonlarsonallen Llp Accounting | 6/29/21 | $435,764 |
Ies Roofinginc Construction | 6/29/21 | $350,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,062,774 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,701,784 |
| Noncash contributions included in lines 1a–1f | $13,286 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,764,558 |
| Total Program Service Revenue | $3,351,247 |
| Investment income | $302,277 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $782,806 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,377,386 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,071,322 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,004,473 |
| Compensation of current officers, directors, key employees. | $1,004,473 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,283,370 |
| 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 | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,754,856 |
| Insurance | $190,539 |
| All other expenses | $0 |
| Total functional expenses | $15,751,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,298,012 |
| Savings and temporary cash investments | $534,025 |
| Pledges and grants receivable | $592,134 |
| Accounts receivable, net | $117,397 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,229 |
| Prepaid expenses and deferred charges | $133,064 |
| Net Land, buildings, and equipment | $20,718,760 |
| Investments—publicly traded securities | $16,015,732 |
| Investments—other securities | $0 |
| Investments—program-related | $2,741,821 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $45,162,174 |
| Accounts payable and accrued expenses | $1,510,735 |
| Grants payable | $0 |
| Deferred revenue | $665,728 |
| 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 | $8,025,088 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $10,201,551 |
| Net assets without donor restrictions | $17,274,447 |
| Net assets with donor restrictions | $17,686,176 |
| 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 | $45,162,174 |
Grants Recieved
Over the last fiscal year, we have identified 31 grants that Bennett College has recieved totaling $1,135,043.
| Awarding Organization | Amount |
|---|---|
United Negro College Fund Inc Washington, DC PURPOSE: GRANTS & SCHOLARSHIPS, AREA OFFICE JOINT CAMPAIGN | $822,671 |
Strada Education Network Inc Indianapolis, IN PURPOSE: OPERATING GRANT | $119,500 |
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: POSTSECONDARY EDUCATION | $100,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $18,019 |
Mary Lynn Richardson Fund Greensboro, NC PURPOSE: TO ASSIST ORGANIZATION IN CARRYING OUT ITS EXEMPT PURPOSE. | $15,000 |
F-Halo Foundation Inc Coral Gables, FL PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
Endowment Analysis
| Beg. Balance | $13,999,399 |
| Earnings | $2,233,315 |
| Admin Expense | $122,663 |
| Net Contributions | $176,198 |
| Other Expense | $121,873 |
| Grants | $279,307 |
| Ending Balance | $15,885,069 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Guilford College Greensboro, NC | $214,106,962 | $54,557,208 |
Covenant College Inc Lookout Mountain, GA | $98,255,603 | $50,724,767 |
Barton College Wilson, NC | $97,394,035 | $47,073,555 |
Reinhardt University Waleska, GA | $120,947,179 | $50,634,912 |
Milligan University Milligan, TN | $122,087,054 | $57,184,968 |
Erskine College Due West, SC | $80,598,505 | $43,903,518 |
Carson-Newman University Jefferson City, TN | $160,428,637 | $65,286,029 |
Tusculum University Greeneville, TN | $114,694,317 | $47,879,632 |
King University Bristol, TN | $69,555,277 | $42,931,439 |
Warren Wilson College Asheville, NC | $113,155,084 | $40,910,763 |
Shaw University Raleigh, NC | $72,503,111 | $66,988,324 |
Lagrange College Lagrange, GA | $157,918,154 | $43,354,732 |