Limestone University
- Assets
- $85.1m
- Revenue
- $58.5m
- Investments
- $0.0
- Employees
- 844
- Location
- Gaffney, SC
- Founding
- 06/1946
- Data as of
- 06/2022
- EIN
- 57-0314402
Organization Overview
Limestone University is located in Gaffney, SC. The organization was established in 1946. 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, Limestone University employed 844 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Limestone 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, Limestone University generated $58.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $60.4m during the year ending 06/2022. While expenses have increased by 2.3% 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
LIMESTONE UNIVERSITY IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIMESTONE UNIVERSITY PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,250 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Riggins Chair | OfficerTrustee | 1 | $0 |
Tommy Windsor Jr Vice Chair | OfficerTrustee | 1 | $0 |
Randall Richardson Secretary | OfficerTrustee | 1 | $0 |
Paul Fleming Treasurer | OfficerTrustee | 1 | $0 |
Julius Anderson Jr Director | Trustee | 0.25 | $0 |
Stephen Bryant Director | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Food Service | 6/29/22 | $4,973,040 |
Patterson Pope Inc Storage Solutions | 6/29/22 | $561,840 |
Drv Fontaine Llc Consultants | 6/29/22 | $365,734 |
Campusworks Inc Consultants | 6/29/22 | $330,000 |
Cross Country Tours Transportation | 6/29/22 | $321,960 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,300,354 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,414,385 |
| Noncash contributions included in lines 1a–1f | $667,861 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,714,739 |
| Total Program Service Revenue | $39,410,218 |
| Investment income | $460,499 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $54,238 |
| Net Gain/Loss on Asset Sales | $5,876,894 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,516,588 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $16,928,239 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $752,143 |
| Compensation of current officers, directors, key employees. | $110,406 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,343,008 |
| Pension plan accruals and contributions | $431,147 |
| Other employee benefits | $1,859,861 |
| Payroll taxes | $1,175,254 |
| Fees for services: Management | $201,722 |
| Fees for services: Legal | $159,477 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $131,661 |
| Fees for services: Investment Management | $88,541 |
| Fees for services: Other | $237,931 |
| Advertising and promotion | $565,355 |
| Office expenses | $256,676 |
| Information technology | $1,170,461 |
| Royalties | $0 |
| Occupancy | $5,362,888 |
| Travel | $1,804,649 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $515,791 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,910,662 |
| Insurance | $714,649 |
| All other expenses | $5,990,910 |
| Total functional expenses | $60,433,607 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,149 |
| Savings and temporary cash investments | $1,221,663 |
| Pledges and grants receivable | $4,258,828 |
| Accounts receivable, net | $1,902,447 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $38,809 |
| Prepaid expenses and deferred charges | $384,822 |
| Net Land, buildings, and equipment | $53,430,569 |
| Investments—publicly traded securities | $23,472,221 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $371,851 |
| Total assets | $85,120,359 |
| Accounts payable and accrued expenses | $3,765,493 |
| Grants payable | $0 |
| Deferred revenue | $938,633 |
| 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 | $32,316,629 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $880,841 |
| Total liabilities | $37,901,596 |
| Net assets without donor restrictions | $15,065,606 |
| Net assets with donor restrictions | $32,153,157 |
| 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 | $85,120,359 |