Spartanburg Methodist College
- Assets
- $55.7m
- Revenue
- $26.4m
- Investments
- $0.0
- Employees
- 343
- Location
- Spartanburg, SC
- Founding
- 08/1943
- Data as of
- 06/2023
- EIN
- 57-0314415
Organization Overview
Spartanburg Methodist College is located in Spartanburg, SC. The organization was established in 1943. According to its NTEE Classification (B41) the organization is classified as: Two-Year Colleges, under the broad grouping of Education and related organizations. As of 06/2023, Spartanburg Methodist College employed 343 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spartanburg Methodist 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 06/2023, Spartanburg Methodist College generated $26.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $26.9m during the year ending 06/2023. While expenses have increased by 4.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SPARTANBURG METHODIST COLLEGE IS A PRIVATE RESIDENTIAL INSTITUTION OFFERING ASSOCIATE AND BACCALAUREATE DEGREES WITHIN THE UNITED METHODIST CONNECTION. AT SMC, LIVES ARE TRANSFORMED IN A VALUES-ORIENTED, STUDENT-CENTERED ATMOSPHERE IN THE CHRISTIAN TRADITION THAT ENCOURAGES ACADEMIC EXCELLENCE, INTELLECTUAL EXPLORATION, SOCIAL AWARENESS, AND CHARACTER DEVELOPMENT WITHIN THE LIBERAL ARTS TRADITION. THE ACADEMIC PROGRAM OFFERS STUDENTS THE OPTION OF TRANSFERRING TO A FOUR-YEAR COLLEGE OR UNIVERSITY FOR CONTINUED STUDY OR ENTERING A CAREER AFTER GRADUATION. THE CURRICULUM RANGES FROM THE BASIC LIBERAL ARTS AND TRANSFER PROGRAM TO PREPARATION FOR IMMEDIATE ENTRY INTO THE JOB MARKET THROUGH CAREER TRACK AND BACCALAUREATE DEGREE OPTIONS. THE COLLEGE OFFERS TO A WIDE VARIETY OF STUDENTS THE OPPORTUNITY OF HIGHER EDUCATION BY PROVIDING A COMPETENT AND DEDICATED FACULTY, DISTANCE LEARNING OPTIONS, FINANCIAL ASSISTANCE, WORK-STUDY POSITIONS, AND SPECIAL SUPPORT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HIGHER EDUCATION: SMC IS A PRIVATE, CHURCH-RELATED (UNITED METHODIST) INSTITUTION OF HIGHER EDUCATION. THE COLLEGE PROVIDES INSTRUCTION TO APPROXIMATELY 1000 LIBERAL ARTS STUDENTS.
THE COLLEGE PROVIDES HOUSING AND FOOD SERVICE TO STUDENTS FOR A FEE AND IS A MEMBER OF THE NJCAA FOR ATHLETIC PURPOSES. AUXILIARY ENTERPRISES CONSIST OF THE REVENUES AND EXPENSES RELATED TO THESE AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William S Cochran President Of The College | Officer | 60 | $256,090 |
Courtney Shelton VP For Student & Professional Development | 45 | $161,550 | |
Martin Woods VP For Facilities | 45 | $120,290 | |
Eric Mcdonald CFO | 45 | $120,215 | |
Benjamin Maxwell VP For Enrollment | Officer | 45 | $126,000 |
Jennifer Dillenger VP For Advancement | Officer | 45 | $97,957 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ellucian Company Lp Programming And Consulting | 6/29/23 | $477,494 |
Associated Receivables Funding Food Service/janitorial | 6/29/23 | $193,661 |
Trane Us Inc Hvac Contractor | 6/29/23 | $161,793 |
Roebuck Wholesale Nursery & Landscapingn Landscaping | 6/29/23 | $149,113 |
Mavin Construction Llc General Contractor | 6/29/23 | $133,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $55,543 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,036,040 |
| Noncash contributions included in lines 1a–1f | $229,131 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,091,583 |
| Total Program Service Revenue | $22,837,511 |
| Investment income | $440,594 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $19,800 |
| Net Gain/Loss on Asset Sales | $15,579 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,405,067 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,995,640 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,433,424 |
| Compensation of current officers, directors, key employees. | $743,738 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,773,022 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $843,618 |
| Payroll taxes | $687,121 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $22,977 |
| Fees for services: Accounting | $43,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $76,780 |
| Fees for services: Other | $406,603 |
| Advertising and promotion | $508,350 |
| Office expenses | $1,179,975 |
| Information technology | $785,017 |
| Royalties | $0 |
| Occupancy | $1,010,168 |
| Travel | $440,106 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $53,185 |
| Interest | $212,172 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,471,339 |
| Insurance | $358,566 |
| All other expenses | $1,443,559 |
| Total functional expenses | $26,872,115 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,100 |
| Savings and temporary cash investments | $7,248,708 |
| Pledges and grants receivable | $884,771 |
| Accounts receivable, net | $137,431 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $105,948 |
| Inventories for sale or use | $29,802 |
| Prepaid expenses and deferred charges | $314,190 |
| Net Land, buildings, and equipment | $22,136,872 |
| Investments—publicly traded securities | $24,015,872 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $848,082 |
| Total assets | $55,722,776 |
| Accounts payable and accrued expenses | $428,031 |
| Grants payable | $0 |
| Deferred revenue | $2,817,809 |
| Tax-exempt bond liabilities | $5,129,785 |
| Escrow or custodial account liability | $20,168 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $360,756 |
| Total liabilities | $8,756,549 |
| Net assets without donor restrictions | $24,124,984 |
| Net assets with donor restrictions | $22,841,243 |
| 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 | $55,722,776 |