Montreat College
- Assets
- $66.6m
- Revenue
- $54.0m
- Investments
- $101.3k
- Employees
- 347
- Location
- Montreat, NC
- Founding
- 04/1947
- Data as of
- 06/2023
- EIN
- 56-0543261
Organization Overview
Montreat College is located in Montreat, NC. The organization was established in 1947. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Montreat College employed 347 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montreat 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 06/2023, Montreat College generated $54.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $42.0m during the year ending 06/2023. While expenses have increased by 7.3% 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
INDEPENDENT, CHRIST-CENTERED, LIBERAL ARTS INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLEGE PROVIDES A BROAD, RIGOROUS LIBERAL ARTS CURRICULUM WITH AN EMPHASIS ON TRADITIONAL AND SELECTED UNDERGRADUATE AND GRADUATE PROFESSIONAL DEGREE PROGRAMS, INCLUDING DEGREE PROGRAMS FOR ADULT LEARNERS AND PROGRAMS AT GEOGRAPHICALLY DISTANT LOCATIONS. OURSTATEMENTS OF MISSION, VISION AND FAITH HAVE FORMED THE FOLLOWING EDUCATIONAL OBJECTIVES AT MONTREAT COLLEGE.1.THAT STUDENTS WILL DEVELOP AN INFORMED, BIBLICAL WORLD VIEW INCLUDING THE FOLLOWING:- THE SOVEREIGNTY OF GOD OVER ALL CREATION AND KNOWLEDGE;- A LIFESTYLE OF CHRISTIAN SERVICE TO OTHERS AND THE COMMUNITY;- THE RECOGNITION OF THE INTRINSIC WORTH OF SELF AND ALL PERSONS;- A GENUINE CRITICAL OPENNESS TO THE IDEAS AND BELIEFS OF OTHERS;- THE FORMATION OF VALUES AND ETHICAL REASONING;- AN APPRECIATION FOR WHAT IS BEAUTIFUL, TRUE AND GOOD IN THE ARTS AND LITERATURE;-A RESPECT FOR AND ATTITUDE OF STEWARDSHIP TOWARD THE WHOLE OF CREATION;- AN UNDERSTANDING OF THE PAST AND ITS INTERCONNECTEDNESS WITH THE PRESENT AND FUTURE.2. THAT STUDENTS WILL DEMONSTRATE EFFECTIVE WRITTEN AND ORAL COMMUNICATION SKILLS.3. THAT STUDENTS WILL DEMONSTRATE CRITICAL THINKING AND PROBLEM-SOLVING SKILLS.4. THAT STUDENTS WILL DEMONSTRATE ESSENTIAL COMPUTER INFORMATION SYSTEMS SKILLS.5. THAT STUDENTS WILL DEMONSTRATE COMPETENCY IN THEIR ACADEMIC MAJORS.6. THAT STUDENTS WILL DEVELOP INTERPERSONAL AND TEAM SKILLS AND AN UNDERSTANDING AND APPRECIATION OF THEIR PERSONAL STRENGTHS AND WEAKNESSES.7. THAT STUDENTS WILL BECOME REFLECTIVE AND RESPONSIBLE CITIZENS, EFFECTIVE LEADERS, AND COMMITTED LAITY.
TO PROVIDE SCHOLARSHIPS AND SIMILAR FINANCIAL AIDIN TAX YEAR 2021, THERE WERE INSTITUTIONAL AWARDS TO 728 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Heck Chairman | OfficerTrustee | 1 | $0 |
Roger Oxendale Vice Chair | OfficerTrustee | 1 | $0 |
Mark Toone Secretary | OfficerTrustee | 1 | $0 |
Tyler Johnson Trustee | Trustee | 1 | $0 |
Ned Kiser Trustee | Trustee | 1 | $0 |
David Bruce Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aramark Food Services | 6/29/22 | $2,803,219 |
The Keith Corporation Janitorial/facilities Services | 6/29/22 | $1,684,301 |
In Focus Advertising Advertising Services | 6/29/22 | $750,233 |
Sling Shot Student Book Rentals/cirriculum | 6/29/22 | $601,082 |
212 South Tryon Space Rental | 6/29/22 | $335,294 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $17,660,340 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,913,359 |
| Noncash contributions included in lines 1a–1f | $53,372 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,573,699 |
| Total Program Service Revenue | $29,079,674 |
| Investment income | $208,991 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$133,418 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,006,517 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,225,130 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $562,539 |
| Compensation of current officers, directors, key employees. | $562,539 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,629,962 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,991,016 |
| Payroll taxes | $802,634 |
| 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 | $4,059 |
| Fees for services: Other | $136,277 |
| Advertising and promotion | $0 |
| Office expenses | $1,619,054 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $738,609 |
| Travel | $894,564 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $282,382 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,450,785 |
| Insurance | $482,817 |
| All other expenses | $229,905 |
| Total functional expenses | $41,975,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,294,471 |
| Savings and temporary cash investments | $31,385,407 |
| Pledges and grants receivable | $5,637,876 |
| Accounts receivable, net | $1,985,045 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,230 |
| Inventories for sale or use | $130,336 |
| Prepaid expenses and deferred charges | $826,904 |
| Net Land, buildings, and equipment | $18,632,310 |
| Investments—publicly traded securities | $2,673,743 |
| Investments—other securities | $101,254 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,923,589 |
| Total assets | $66,603,165 |
| Accounts payable and accrued expenses | $2,507,144 |
| Grants payable | $0 |
| Deferred revenue | $2,718,571 |
| 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 | $4,237,115 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,350,109 |
| Total liabilities | $11,812,939 |
| Net assets without donor restrictions | $12,370,318 |
| Net assets with donor restrictions | $42,419,908 |
| 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 | $66,603,165 |