Converse University
- Assets
- $167.3m
- Revenue
- $42.2m
- Investments
- $26.5m
- Employees
- 695
- Location
- Spartanburg, SC
- Founding
- 02/1937
- Data as of
- 06/2022
- EIN
- 57-0314380
Organization Overview
Converse University is located in Spartanburg, SC. The organization was established in 1937. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Converse University employed 695 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Converse 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 06/2022, Converse University generated $42.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $41.1m during the year ending 06/2022. While expenses have increased by 1.7% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
CONVERSE UNIVERSITY IS A LIBERAL ARTS COLLEGE WHICH OFFERS CO-ED UNDERGRADUATE AND GRADUATE DEGREES. CONVERSE ADVANCES A CULTURE OF BELONGING AND COLLABORATION THAT IGNITES CREATIVITY, INNOVATION, AND TRANSFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUNDED IN 1889, CONVERSE UNIVERSITY DEVELOPS ADAPTABLE LEADERS WHO ARE EQUIPPED WITH THE CREATIVITY, CHARACTER, KNOWLEDGE AND PERSPECTIVE TO TRANSFORM THE WORLD AROUND THEM. CONSISTENTLY TOP-RANKED BY "U.S. NEWS AND WORLD REPORT", CONVERSE OFFERS CO-EDUCATIONAL UNDERGRADUATE AND GRADUATE PROGRAMS. CONVERSE STUDENTS DEVELOP THEIR UNIQUE VOICES THROUGH A CHALLENGING LIBERAL ARTS CURRICULUM, THE DANIELS CENTER FOR LEADERSHIP AND SERVICE, A CENTURY-OLD HONOR TRADITION, AND A CLOSE-KNIT RESIDENTIAL COMMUNITY. THE UNIVERSITY HAS APPROXIMATELY 1,284 STUDENTS ENROLLED.
CONVERSE UNIVERSITY IS A RESIDENTIAL UNIVERSITY, MEANING ON-CAMPUS LIVING IS A VALUABLE EXPERIENCE WHERE IN AND OUT OF CLASS LEARNING MERGE. FROM HISTORIC CHARM TO MODERN EASE, CONVERSE'S RESIDENCE HALLS OFFER DIVERSE OPTIONS TO SUIT THE NEEDS AND PREFERENCES OF TODAY'S STUDENTS. LIVING IN A RESIDENCE HALL COMMUNITY OFFERS STUDENTS OPPORTUNITIES TO LEARN ABOUT THEMSELVES AND OTHERS. EACH RESIDENCE HALL HAS STUDENT DEVELOPMENT STAFF, PROGRAMMING AND FACILITIES AVAILABLE TO HELP EACH STUDENT. CONVERSE'S RESIDENTIAL COMMUNITIES ARE MORE THAN JUST PLACES TO HANG OUT WHEN STUDENTS AREN'T IN CLASS. THEY ARE WHERE STUDENTS FEEL THE MOST AT HOME AND DEVELOP RELATIONSHIPS WITH PEERS IN A COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sandra Morelli Chair | OfficerTrustee | 1 | $0 |
Wallace Prestwood Vice Chair | OfficerTrustee | 1 | $0 |
Sandra Hartnett Secretary | OfficerTrustee | 1 | $0 |
Philip Asherman Trustee | Trustee | 1 | $0 |
Laura Bauknight Trustee | Trustee | 1 | $0 |
Randall Chambers Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Budd Group Inc Facilities | 6/29/22 | $780,305 |
Avi Food Systems Inc Dining Services | 6/29/22 | $1,770,849 |
Roebuck Wholesale Nursery & Landscaping Grounds | 6/29/22 | $418,394 |
Jenzabar Inc Software | 6/29/22 | $269,430 |
Harper Construction Construction | 6/29/22 | $253,269 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $7,344 |
| Related organizations | $0 |
| Government grants | $5,415,595 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,527,326 |
| Noncash contributions included in lines 1a–1f | $848,223 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,950,265 |
| Total Program Service Revenue | $24,785,754 |
| Investment income | $1,847,601 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $35,596 |
| Net Gain/Loss on Asset Sales | $3,557,563 |
| Net Income from Fundraising Events | $16,580 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $42,193,359 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $7,833,228 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $951,979 |
| Compensation of current officers, directors, key employees. | $517,768 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,089,521 |
| Pension plan accruals and contributions | $271,894 |
| Other employee benefits | $1,803,054 |
| Payroll taxes | $1,009,994 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $28,230 |
| Fees for services: Accounting | $87,990 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $303,916 |
| Fees for services: Other | $1,809,729 |
| Advertising and promotion | $319,248 |
| Office expenses | $578,670 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,261,229 |
| Travel | $86,163 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $983,725 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,698,003 |
| Insurance | $528,591 |
| All other expenses | $4,087,229 |
| Total functional expenses | $41,068,699 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,831,818 |
| Savings and temporary cash investments | $11,504,746 |
| Pledges and grants receivable | $3,395,629 |
| Accounts receivable, net | $326,044 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $587,444 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $296,874 |
| Net Land, buildings, and equipment | $50,683,212 |
| Investments—publicly traded securities | $49,462,451 |
| Investments—other securities | $26,499,802 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,737,039 |
| Total assets | $167,325,059 |
| Accounts payable and accrued expenses | $2,282,270 |
| Grants payable | $0 |
| Deferred revenue | $378,725 |
| Tax-exempt bond liabilities | $27,352,866 |
| Escrow or custodial account liability | $481,858 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $2,148,244 |
| Other liabilities | $976,126 |
| Total liabilities | $33,620,089 |
| Net assets without donor restrictions | $41,788,622 |
| Net assets with donor restrictions | $91,916,348 |
| 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 | $167,325,059 |