North Carolina Wesleyan University
- Assets
- $65.3m
- Revenue
- $57.1m
- Investments
- $1.7m
- Employees
- 773
- Location
- Rocky Mount, NC
- Founding
- 08/1961
- Data as of
- 05/2022
- EIN
- 56-0686603
Organization Overview
North Carolina Wesleyan University is located in Rocky Mount, NC. The organization was established in 1961. 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, North Carolina Wesleyan University employed 773 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Wesleyan 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, North Carolina Wesleyan University generated $57.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $54.9m during the year ending 05/2022. While expenses have increased by 2.9% 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
TO PREPARE STUDENTS FOR PROFESSIONAL ADVANCEMENT, LIFE-LONG LEARNING, AND RESPONSIBLE PARTICIPATION IN THEIR COMMUNITIES.
Describe the Organization's Program Activity:
INSTRUCTIONAL SERVICES TO UNIVERSITY STUDENTS
PUBLIC SERVICE - OPERATED THE DUNN CENTER FOR THE PERFORMING ARTS, OPEN TO THE COMMUNITY AND EASTERN NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mr Evan D Duff President | Officer | 40 | $268,216 |
Ms Suzanne P Brackett Svp-Administration | Officer | 40 | $145,000 |
Mr Franklin E Coats Vice President - Advancem | Officer | 40 | $130,475 |
Mr Aaron V Denton VP Of Athletics | Officer | 40 | $122,574 |
Mr John M Thompson Head Men's Basketball Coac | 40 | $117,373 | |
Mr Jeffrey W Sears Director Of Security | 40 | $105,049 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc & Affiliates Cafeteria Food Service And Maintenance | 5/30/22 | $2,480,690 |
Geosurfaces Southeast Inc Construction Services | 5/30/22 | $940,882 |
Wellfleet Group Llc Insurance Provider | 5/30/22 | $463,141 |
Jenzabar Inc Software Provider | 5/30/22 | $451,425 |
Piedmont Service Group Hvac Maintenance | 5/30/22 | $735,294 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,953,056 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,156,244 |
| Noncash contributions included in lines 1a–1f | $83,719 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,109,300 |
| Total Program Service Revenue | $44,185,298 |
| Investment income | $325,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $142,253 |
| Net Gain/Loss on Asset Sales | $289,001 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,107,518 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $19,989,243 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $839,447 |
| Compensation of current officers, directors, key employees. | $399,174 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $11,647,565 |
| Pension plan accruals and contributions | $465,974 |
| Other employee benefits | $1,737,376 |
| Payroll taxes | $924,522 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,911 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $47,318 |
| Fees for services: Other | $715,719 |
| Advertising and promotion | $210,464 |
| Office expenses | $157,865 |
| Information technology | $630,388 |
| Royalties | $0 |
| Occupancy | $3,647,390 |
| Travel | $502,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $466,941 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,191,931 |
| Insurance | $413,229 |
| All other expenses | -$62,677 |
| Total functional expenses | $54,948,077 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,860,272 |
| Savings and temporary cash investments | $6,138,006 |
| Pledges and grants receivable | $2,290,727 |
| Accounts receivable, net | $1,083,171 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $73,484 |
| Inventories for sale or use | $185,331 |
| Prepaid expenses and deferred charges | $412,948 |
| Net Land, buildings, and equipment | $39,113,374 |
| Investments—publicly traded securities | $10,751,907 |
| Investments—other securities | $1,664,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $700,295 |
| Total assets | $65,274,015 |
| Accounts payable and accrued expenses | $3,149,172 |
| Grants payable | $0 |
| Deferred revenue | $2,050,615 |
| 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 | $10,003,524 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $149,350 |
| Total liabilities | $15,352,661 |
| Net assets without donor restrictions | $30,013,804 |
| Net assets with donor restrictions | $19,907,550 |
| 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 | $65,274,015 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that North Carolina Wesleyan University has recieved totaling $392,188.
| Awarding Organization | Amount |
|---|---|
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For general scholarship support. | $195,000 |
Boddie-Noell Foundation Rocky Mount, NC PURPOSE: CHARITABLE | $37,324 |
North Carolina Independent Colleges & Universities Raleigh, NC PURPOSE: PROVIDE SCHOLARSHIP FUNDS | $36,325 |
Educational Credit Management Corporation Minneapolis, MN PURPOSE: Project Success Emergency Aid & Food Pantry Assistance | $26,700 |
Olive A@stokes Scholarship Trust Detroit, MI PURPOSE: SCHOLARSHIPS | $20,800 |
Algernon Sydney Sullivan Foundation Oxford, MS PURPOSE: EDUCATIONAL | $20,000 |
Endowment Analysis
| Beg. Balance | $14,920,089 |
| Earnings | -$1,042,134 |
| Admin Expense | $83,220 |
| Net Contributions | $78,124 |
| Grants | $546,750 |
| Ending Balance | $13,326,109 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Randolph-Macon College Ashland, VA | $426,120,167 | $119,204,346 |
Bridgewater College Bridgewater, VA | $220,158,848 | $86,618,271 |
Trevecca Nazarene University Nashville, TN | $238,062,092 | $96,180,255 |
Hampden-Sydney College Hampdensydney, VA | $332,900,116 | $118,845,969 |