Benedict College
- Assets
- $125.2m
- Revenue
- $104.0m
- Investments
- $3.7m
- Employees
- 438
- Location
- Columbia, SC
- Founding
- 02/1945
- Data as of
- 06/2021
- EIN
- 57-0314365
Organization Overview
Benedict College is located in Columbia, SC. 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 06/2022, Benedict College employed 438 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Benedict 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 06/2021, Benedict College generated $104.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $54.5m during the year ending 06/2021. 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
BENEDICT COLLEGE WILL BE A POWER FOR GOOD IN SOCIETY. THE COLLEGE IS A FULL OPPORTUNITY COLLEGE WITH HIGH QUALITY PROGRAMS OF TEACHING, RESEARCH, AND PUBLIC SERVICE. THESE PROGRAMS PROVIDE THE STUDENTS AND COMMUNITY WITH KNOWLEDGE, SKILLS, UNDERSTANDING, AND VALUES REQUIRED TO EMPOWER THEM TO CREATE A BETTER WORLD. THE COLLEGE SEEKS GEOGRAPHIC, INTERNATIONAL, AND RACIAL DIVERSITY IN THE STUDENT BODY WHILE CONTINUING TO FACILITATE EMPOWERMENT, ENHANCEMENT, AND FULL PARTICIPATION OF AFRICAN AMERICANS IN A GLOBAL SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION - APPROXIMATELY 2,000 STUDENTS. THE COLLEGE AWARDED APPROXIMATELY 265 DEGREES DURING THE 2021-2022 SCHOOL YEAR.
RESEARCH, PUBLIC SERVICE, ACADEMIC SUPPORT - THE COLLEGE LIBRARY (APPROXIMATELY 130,000 VOLUMES HELD), STUDENT FINANCIAL AID, VARIOUS OTHER PROGRAMS.
STUDENT SERVICES - ENROLLMENT SERVICES, COLLEGE REGISTRAR, HEALTH AND COUNSELING, SPORTS AND RECREATION
AUXILIARY ENTERPRISES - THE COLLEGE'S DORMITORIES, DINING HALL AND CAMPUS STORE ARE THE MAJOR AUXILIARY ENTERPRISES SERVING THE COLLEGE COMMUNITY. TEN RESIDENCE HALLS PROVIDE QUARTERS FOR APPROXIMATELY 1,600 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Charlie W Johnson Chairman | OfficerTrustee | 5 | $0 |
G Tyrone Bonds Vice Chairman | OfficerTrustee | 5 | $0 |
Dr Elsie King Hamler Secretary | OfficerTrustee | 1 | $0 |
Mrs Doris W Johnson Assistant Secretary | OfficerTrustee | 1 | $0 |
Stephen K Benjamin Director | Trustee | 1 | $0 |
Anthony T Burroughs Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Perkins Management Services Food Service | 6/29/22 | $2,974,516 |
South Pointe Roofing Llc Roofing Services | 6/29/22 | $2,551,475 |
Lck Llc Construction Services | 6/29/22 | $845,186 |
Rc Mechanical Llc Mechanical Services | 6/29/22 | $367,608 |
Associated Contractors Construction Services | 6/29/22 | $1,549,379 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $23,257,789 |
| Investment income | $232,108 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $84,440 |
| Net Gain/Loss on Asset Sales | -$35,815 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $103,963,423 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $13,100,877 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $498,367 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,656,427 |
| Pension plan accruals and contributions | $424,106 |
| Other employee benefits | $2,164,383 |
| Payroll taxes | $1,238,405 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,865 |
| Fees for services: Accounting | $142,256 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $76,736 |
| Fees for services: Other | $4,054,342 |
| Advertising and promotion | $168,877 |
| Office expenses | $511,427 |
| Information technology | $964,272 |
| Royalties | $0 |
| Occupancy | $2,387,946 |
| Travel | $324,305 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,949,275 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,202,237 |
| Insurance | $749,364 |
| All other expenses | $0 |
| Total functional expenses | $54,459,932 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,342,562 |
| Savings and temporary cash investments | $4,171,476 |
| Pledges and grants receivable | $5,733,770 |
| Accounts receivable, net | $778,967 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $720,995 |
| Investments—publicly traded securities | $23,196,022 |
| Investments—other securities | $3,732,525 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,078,797 |
| Total assets | $125,168,900 |
| Accounts payable and accrued expenses | $3,606,493 |
| Grants payable | $0 |
| Deferred revenue | $6,427,830 |
| Tax-exempt bond liabilities | $19,640,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,057,829 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,642,126 |
| Total liabilities | $38,374,278 |
| Net assets without donor restrictions | $64,662,836 |
| Net assets with donor restrictions | $22,131,786 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $86,794,622 |