Elon University
- Assets
- $1.1b
- Revenue
- $374.2m
- Investments
- $293.4m
- Employees
- 4,430
- Location
- Elon, NC
- Founding
- 05/1939
- Data as of
- 05/2022
- EIN
- 56-0532303
Organization Overview
Elon University is located in Elon, NC. The organization was established in 1939. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2022, Elon University employed 4,430 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elon 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 05/2022, Elon University generated $374.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $328.2m during the year ending 05/2022. While expenses have increased by 3.4% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ELON UNIVERSITY'S MISSION IS TO TRANSFORM THE MIND, BODY, AND SPIRIT AND ENCOURAGE FREEDOM OF THOUGHT AND LIBERTY OF CONSCIENCE. THE UNIVERSITY PROVIDES A LIBERAL ARTS UNDERGRADUATE CURRICULUM AND GRADUATE PROGRAMS.
Describe the Organization's Program Activity:
INSTRUCTION - EXPENSES RELATED TO PROVIDING THE PRIMARY PURPOSE OF EDUCATION FOR UNDERGRADUATE AND GRADUATE STUDENTS.
STUDENT SERVICES - EXPENSES RELATED TO THE PRIMARY PURPOSE OF CONTRIBUTING TO STUDENTS' EMOTIONAL AND PHYSICAL WELL-BEING AND INTELLECTUAL, CULTURAL, AND SOCIAL DEVELOPMENT. ATHLETICS IS INCLUDED WITHIN THIS DIVISION.
AUXILIARY SERVICES - EXPENSES RELATED TO THE FUNCTION OF FURNISHING GOODS OR SERVICES TO STUDENTS, FACULTY, OR STAFF. EXAMPLES ARE RESIDENCE HALLS AND FOOD SERVICES.
ACADEMIC SUPPORT - EXPENSES INCURRED TO PROVIDE SUPPORT SERVICES FOR THE INSTITUTION'S PRIMARY MISSION OF INSTRUCTION, INCLUDING THE LIBRARY, MEDIA SERVICES, AND TECHNOLOGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Corporation Dining Services | 5/30/22 | $23,076,104 |
Samet Corporation Construction | 5/30/22 | $11,304,275 |
Accademia Europea Di Firenze Sri Study Abroad | 5/30/22 | $2,496,179 |
Ciee Study Abroad | 5/30/22 | $2,653,810 |
Lomax Construction Architects | 5/30/22 | $3,219,801 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $450,789 |
| Related organizations | $0 |
| Government grants | $11,864,132 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,570,877 |
| Noncash contributions included in lines 1a–1f | $5,581,345 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,885,798 |
| Total Program Service Revenue | $331,200,135 |
| Investment income | $1,774,831 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$11,312 |
| Net Income from Fundraising Events | $47,264 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $374,224,853 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $64,271,164 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,895,943 |
| Compensation of current officers, directors, key employees. | $1,717,805 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,404,190 |
| Pension plan accruals and contributions | $7,593,981 |
| Other employee benefits | $17,764,278 |
| Payroll taxes | $8,635,296 |
| Fees for services: Management | $39,950 |
| Fees for services: Legal | $1,192,247 |
| Fees for services: Accounting | $135,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $84,249 |
| Fees for services: Investment Management | $2,190,095 |
| Fees for services: Other | $24,951,829 |
| Advertising and promotion | $1,360,890 |
| Office expenses | $7,890,939 |
| Information technology | $3,950,174 |
| Royalties | $12,545 |
| Occupancy | $9,801,599 |
| Travel | $18,314,456 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,769,935 |
| Interest | $1,121,467 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,907,375 |
| Insurance | $2,008,939 |
| All other expenses | $5,142,423 |
| Total functional expenses | $328,173,984 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $113,891,972 |
| Pledges and grants receivable | $1,082,897 |
| Accounts receivable, net | $4,976,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $75,307 |
| Prepaid expenses and deferred charges | $3,377,998 |
| Net Land, buildings, and equipment | $515,190,135 |
| Investments—publicly traded securities | $126,599,709 |
| Investments—other securities | $293,425,146 |
| Investments—program-related | $1,345,326 |
| Intangible assets | $0 |
| Other assets | $16,236,306 |
| Total assets | $1,076,200,947 |
| Accounts payable and accrued expenses | $29,339,701 |
| Grants payable | $0 |
| Deferred revenue | $4,701,540 |
| Tax-exempt bond liabilities | $194,472,311 |
| 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 | $44,444,200 |
| Total liabilities | $272,957,752 |
| Net assets without donor restrictions | $567,104,694 |
| Net assets with donor restrictions | $236,138,501 |
| 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 | $1,076,200,947 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Elon University has recieved totaling $57,500.
| Awarding Organization | Amount |
|---|---|
Mile 26 Foundation Greenwich, CT PURPOSE: GENERAL OPERATING BUDGET | $50,000 |
Edward Syder Tr Uw 4508 Dallas, TX PURPOSE: SCHOLARSHIP | $4,000 |
Everett & Doris Bernardo Family Foundation Elgin, IL PURPOSE: COLLEGE EDUCATIONCOLLEGE EDUCATION | $2,500 |
Webster U Walker Jr Foundation Inc Philadelphia, PA PURPOSE: OPERATING | $1,000 |
Endowment Analysis
| Beg. Balance | $327,004,825 |
| Earnings | -$12,765,259 |
| Admin Expense | $2,190,095 |
| Net Contributions | $15,507,807 |
| Other Expense | $3,292,960 |
| Grants | $10,113,399 |
| Ending Balance | $314,150,919 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wake Forest University Winstonsalem, NC | $2,570,183,256 | $681,736,258 |
Emory University Decatur, GA | $308,834,835 | $526,678,235 |
Savannah College Of Art And Design Inc Savannah, GA | $1,297,162,714 | $587,003,201 |
University Of Richmond Richmond, VA | $3,926,462,707 | $713,801,637 |
The Corporation Of Mercer University Macon, GA | $975,470,567 | $444,048,225 |
Belmont University Nashville, TN | $1,474,473,117 | $464,356,154 |
Elon University Elon, NC | $1,076,200,947 | $374,224,853 |
Campbell University Inc Buies Creek, NC | $678,742,436 | $263,777,466 |
Lipscomb University Nashville, TN | $502,799,879 | $216,257,194 |
Hampton University Hampton, VA | $893,877,520 | $270,327,094 |
Lincoln Memorial University Harrogate, TN | $295,338,228 | $171,241,775 |
Wingate University Wingate, NC | $260,864,195 | $150,590,058 |