Lenoir-Rhyne University
- Assets
- $251.8m
- Revenue
- $101.4m
- Investments
- $55.9m
- Employees
- 1,008
- Location
- Hickory, NC
- Founding
- 05/1945
- Data as of
- 05/2021
- EIN
- 56-0556753
Organization Overview
Lenoir-Rhyne University is located in Hickory, NC. The organization was established in 1945. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Lenoir-Rhyne University employed 1,008 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lenoir-Rhyne 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, Lenoir-Rhyne University generated $101.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $95.5m during the year ending 05/2021. While expenses have increased by 4.7% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATIONAL PROGRAMS & CONFER DEGREES FOR 57 UNDERGRADUATE & 24 GRADUATE ACADEMIC PROGRAMS OF STUDY.
PROVIDE STUDENT LIFE PROGRAMS TO RESIDENTIAL & COMMUTER STUDENTS AS PART OF THEIR ACADEMIC EXPERIENCES AT THE UNIVERSITY.
PROVIDE EDUCATIONAL PROGRAMS & CONFER MASTERS LEVEL GRADUATE DEGREES IN COUNSELING, ATHLETIC TRAINING, BUSINESS & OCCUPATIONAL THERAPY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Frederick K Whitt President | OfficerTrustee | 40 | $411,137 |
Gary C Johnson Provost | Officer | 40 | $194,673 |
Catherine Niekro VP Institutional Advancement | Officer | 40 | $173,836 |
Rachel Nichols VP Enrollment | Officer | 40 | $146,366 |
Michael R Jacobs Head Football Coach | 40 | $118,980 | |
Kimberly Pate VP Athletics | Officer | 40 | $118,228 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
David E Looper Co Construction Needs | 5/30/22 | $14,643,207 |
Aramark Campus Services Food Services | 5/30/22 | $2,597,424 |
Ellucian Co Lp It Consultants | 5/30/22 | $1,174,034 |
Daktronics Electronic Equipment | 5/30/22 | $1,214,698 |
Aramark Facilities Services Maint & Housekeeping | 5/30/22 | $1,654,245 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,889,313 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,881,348 |
| Noncash contributions included in lines 1a–1f | $275,568 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,770,661 |
| Total Program Service Revenue | $84,955,867 |
| Investment income | $6,184,456 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,367 |
| Net Gain/Loss on Asset Sales | $452,472 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $101,403,823 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $42,927,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,554,947 |
| Compensation of current officers, directors, key employees. | $700,348 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,483,139 |
| Pension plan accruals and contributions | $1,083,264 |
| Other employee benefits | $3,549,591 |
| Payroll taxes | $1,549,319 |
| Fees for services: Management | $5,945,019 |
| Fees for services: Legal | $280,208 |
| Fees for services: Accounting | $149,098 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $62,799 |
| Fees for services: Investment Management | $229,334 |
| Fees for services: Other | $2,471,473 |
| Advertising and promotion | $376,931 |
| Office expenses | $553,600 |
| Information technology | $2,021,489 |
| Royalties | $0 |
| Occupancy | $31,249 |
| Travel | $471,050 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $205,285 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,877,781 |
| Insurance | $673,164 |
| All other expenses | $1,711,649 |
| Total functional expenses | $95,486,920 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,500 |
| Savings and temporary cash investments | $9,056,429 |
| Pledges and grants receivable | $2,999,464 |
| Accounts receivable, net | $907,376 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $42,092 |
| Prepaid expenses and deferred charges | $1,107,127 |
| Net Land, buildings, and equipment | $95,622,931 |
| Investments—publicly traded securities | $80,366,901 |
| Investments—other securities | $55,902,727 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,741,067 |
| Total assets | $251,750,614 |
| Accounts payable and accrued expenses | $6,538,726 |
| Grants payable | $0 |
| Deferred revenue | $1,059,168 |
| Tax-exempt bond liabilities | $22,843,194 |
| Escrow or custodial account liability | $278,210 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $12,730,519 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,604,426 |
| Total liabilities | $49,054,243 |
| Net assets without donor restrictions | $58,111,522 |
| Net assets with donor restrictions | $144,584,849 |
| 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 | $251,750,614 |
Grants Recieved
Over the last fiscal year, we have identified 28 grants that Lenoir-Rhyne University has recieved totaling $1,071,872.
| Awarding Organization | Amount |
|---|---|
Charles A Cannon Charitable Trust N0 One Concord, NC PURPOSE: HVAC IN PE MONROE AUDITORIUM | $300,000 |
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For nursing scholarships. | $190,000 |
Charles A Cannon Charitable Trust N0 One Concord, NC PURPOSE: HVAC IN PE MONROE AUDITORIUM | $150,000 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $100,850 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $61,845 |
Thrivent Charitable Impact & Investing Appleton, WI PURPOSE: LUTHERAN THEOLOGICAL SOUTHERN SEMINARY | $52,723 |
Endowment Analysis
| Beg. Balance | $138,409,957 |
| Earnings | $1,279,436 |
| Admin Expense | $475,150 |
| Net Contributions | $2,421,688 |
| Other Expense | $2,109,278 |
| Grants | $2,911,561 |
| Ending Balance | $136,615,092 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Washington & Lee University Lexington, VA | $2,101,751,936 | $186,199,453 |
Furman University Greenville, SC | $1,049,847,532 | $208,077,263 |
Davidson College Davidson, NC | $1,786,522,691 | $194,756,860 |
Rhodes College Memphis, TN | $583,153,249 | $126,618,541 |
Berry College Inc Mount Berry, GA | $1,445,846,752 | $178,933,031 |
Anderson University Anderson, SC | $269,873,980 | $130,183,026 |
Wofford College Spartanburg, SC | $486,613,567 | $116,076,279 |
Spelman College Atlanta, GA | $855,779,306 | $182,970,731 |
Roanoke College Salem, VA | $354,210,741 | $126,475,040 |
Lee University Cleveland, TN | $200,405,989 | $108,753,431 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Union University Jackson, TN | $193,669,100 | $103,290,604 |