Brevard College Corporation
- Assets
- $83.1m
- Revenue
- $34.9m
- Investments
- $5.1m
- Employees
- 656
- Location
- Brevard, NC
- Founding
- 05/1952
- Data as of
- 05/2023
- EIN
- 56-0532297
Organization Overview
Brevard College Corporation is located in Brevard, NC. The organization was established in 1952. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2023, Brevard College Corporation employed 656 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brevard College 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 05/2023, Brevard College Corporation generated $34.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $34.1m during the year ending 05/2023. While expenses have increased by 2.9% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AN EXPERIENTIAL LIBERAL ARTS EDUCATION.
Describe the Organization's Program Activity:
BREVARD COLLEGE IS A BACCALAUREATE-AWARDING INSTITUTION COMMITTED TO A RESIDENTIAL LIBERAL ARTS EDUCATION THAT ENCOURAGES PERSONAL GROWTH AND INSPIRES ARTISTIC, INTELLECTUAL AND SOCIAL ACTION. BREVARD IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS-COMMISSION ON COLLEGES; THE NATIONAL ASSOCIATION OF SCHOOLS OF MUSIC; AND THE TEACHER EDUCATION ACCREDITING COUNCIL. DURING FISCAL YEAR 2023, INSTRUCTION WAS PROVIDED TO 801 STUDENTS. 727 STUDENTS WERE U.S. CITIZENS WITH 403 RESIDING IN HOUSEHOLDS FROM NC. THE STUDENT BODY REPRESENTS STUDENTS FROM 32 U.S. STATES AND 17 FOREIGN COUNTRIES. BREVARD COLLEGE HAS BEEN NAMED ONE OF THE BEST VALUE SCHOOLS IN NC AND HAS ALSO BEEN LISTED BY U.S. NEWS & WORLD REPORT AS ONE OF THE BEST REGIONAL COLLEGES IN THE SOUTH.
A BREVARD COLLEGE EDUCATION EXTENDS FAR BEYOND THE WALLS OF A CLASSROOM. OF THE COLLEGE'S 801 STUDENTS, 622 TOOK PART IN THE RESIDENTIAL EDUCATION EXPERIENCE. ALL OF THE FACILITIES ON THE BREVARD COLLEGE CAMPUS ARE JUST A SHORT WALK OR BIKE AWAY. THIS DESIGN ALLOWS STUDENTS TO FOCUS ON EDUCATION, GROWTH AND FUN WITHOUT THE HASSLE OF THE RUSHING FROM PLACE TO PLACE. THE RELAXED ATMOSPHERE OF COMFORTABLE LIVING AND DINING SPACES ARE COMPLEMENTED WITH THE STATE-OF-THE-ART EDUCATION FACILITIES INCLUDING A MODERN LIBRARY AND A WORLD-CLASS CONCERT HALL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
W Heathley Weldon Chair | OfficerTrustee | 1 | $0 |
J Phillip Jerome Vice-Chair | OfficerTrustee | 1 | $0 |
W Bradley Lakeson Jr Secretary | OfficerTrustee | 1 | $0 |
Dr Betsy O Barefoot Director | Trustee | 1 | $0 |
Dr B Barbara Boerner Director | Trustee | 1 | $0 |
Dr John S Boggs Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sysco Charlotte Llc Food Service | 5/30/23 | $854,218 |
Credo Design Architects Architect | 5/30/23 | $397,627 |
Young Transportation Transportation | 5/30/23 | $242,579 |
Cooper Construction Company Inc Construction | 5/30/23 | $186,319 |
Carolina Specialties Construction Construction | 5/30/23 | $718,259 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $101,778 |
| Related organizations | $0 |
| Government grants | $160,906 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,980,595 |
| Noncash contributions included in lines 1a–1f | $165,581 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,243,279 |
| Total Program Service Revenue | $28,979,730 |
| Investment income | $819,154 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $286,439 |
| Net Income from Fundraising Events | -$11,997 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,931,347 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,190,565 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,008,654 |
| Compensation of current officers, directors, key employees. | $299,650 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,943,212 |
| Pension plan accruals and contributions | $91,114 |
| Other employee benefits | $1,478,509 |
| Payroll taxes | $713,823 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,555 |
| Fees for services: Accounting | $108,757 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $81,557 |
| Fees for services: Other | $796,147 |
| Advertising and promotion | $0 |
| Office expenses | $1,891,775 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,797,645 |
| Travel | $706,944 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $630,475 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,252,014 |
| Insurance | $0 |
| All other expenses | $801,760 |
| Total functional expenses | $34,079,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,880 |
| Savings and temporary cash investments | $7,658,740 |
| Pledges and grants receivable | $2,616,508 |
| Accounts receivable, net | $1,058,868 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $71,381 |
| Prepaid expenses and deferred charges | $277,478 |
| Net Land, buildings, and equipment | $40,323,432 |
| Investments—publicly traded securities | $25,325,384 |
| Investments—other securities | $5,077,030 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $718,403 |
| Total assets | $83,131,104 |
| Accounts payable and accrued expenses | $1,694,145 |
| 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 | $20,261,895 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,046,732 |
| Total liabilities | $23,002,772 |
| Net assets without donor restrictions | $22,895,797 |
| Net assets with donor restrictions | $37,232,535 |
| 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 | $83,131,104 |