Wofford College
- Assets
- $486.6m
- Revenue
- $116.1m
- Investments
- $129.8m
- Employees
- 1,057
- Location
- Spartanburg, SC
- Founding
- 07/1937
- Data as of
- 06/2020
- EIN
- 57-0314422
Organization Overview
Wofford College is located in Spartanburg, SC. The organization was established in 1937. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Wofford College employed 1,057 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wofford 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 06/2020, Wofford College generated $116.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.7%) each year. All expenses for the organization totaled $120.0m during the year ending 06/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF WOFFORD COLLEGE IS TO FUNCTION AS A LIBERAL ARTS INSTITUTION OF SUPERIOR QUALITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COLLEGE PROVIDED A LIBERAL ARTS EDUCATION TO APPROXIMATELY 1,775 STUDENTS FOR 2020-21, GRADUATING APPROXIMATELY 350 STUDENTS WITH BA OR BS DEGREES.THE COLLEGE IS COMMITTED TO AFFORDABILITY AND ACCESS TO STUDENTS OF ALL BACKGROUNDS. THE COLLEGE DISTRIBUTED IN EXCESS OF $47 MILLION IN FINANCIAL AID TO ASSIST STUDENTS IN MEETING THE FINANCIAL OBLIGATIONS OF ATTENDING THE INSTITUTION.
THE COLLEGE PROVIDED AUXILIARY SERVICES FOR THE CONVENIENCE OF STUDENTS, FACULTY, STAFF AND THE COMMUNITY. SUCH AUXILIARY ENTERPRISES INCLUDE STUDENT HOUSING, ATHLETICS, INTRAMURAL SPORTS, AND THE WELLNESS CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nayef Samhat President | Officer | 40 | $441,834 |
Josh Conklin Head Football Coach | 40 | $297,700 | |
David Wood Senior VP For Development | Officer | 40 | $243,400 |
Jonathan Mcauley Head Basketball Coach | 40 | $211,199 | |
Christopher Gardner Chief Financial Officer | Officer | 40 | $171,143 |
Mike Sosulski Provost | Officer | 40 | $167,384 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Robins & Morton Group Construction | 6/29/21 | $20,004,751 |
Mcmillan Pazdan Smith Architecture Llc Architectural Services | 6/29/21 | $1,328,960 |
Cec Concrete Construction | 6/29/21 | $262,443 |
Benistarhartford Medical Services | 6/29/21 | $430,421 |
Spartanburg Regional Medical Center Medical Services | 6/29/21 | $174,600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,695,334 |
| Investment income | $3,292,851 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $73,097 |
| Net Gain/Loss on Asset Sales | -$217,682 |
| Net Income from Fundraising Events | -$90,807 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $116,076,279 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $44,945,076 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,357,547 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,822,668 |
| Pension plan accruals and contributions | $2,140,145 |
| Other employee benefits | $5,431,281 |
| Payroll taxes | $2,292,314 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,092,251 |
| Fees for services: Other | $1,259,684 |
| Advertising and promotion | $0 |
| Office expenses | $3,025,467 |
| Information technology | $1,249,214 |
| Royalties | $0 |
| Occupancy | $4,755,061 |
| Travel | $1,670,496 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,789,039 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,497,779 |
| Insurance | $649,261 |
| All other expenses | $0 |
| Total functional expenses | $119,960,192 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,761,163 |
| Savings and temporary cash investments | $10,572,895 |
| Pledges and grants receivable | $28,164,573 |
| Accounts receivable, net | $184,500 |
| 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 | $1,039,980 |
| Investments—publicly traded securities | $73,486,799 |
| Investments—other securities | $129,769,155 |
| Investments—program-related | $82,360 |
| Intangible assets | $0 |
| Other assets | $3,604,256 |
| Total assets | $486,613,567 |
| Accounts payable and accrued expenses | $7,212,584 |
| Grants payable | $0 |
| Deferred revenue | $10,868,179 |
| Tax-exempt bond liabilities | $85,011,958 |
| Escrow or custodial account liability | $139,415 |
| 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 | $8,993,786 |
| Total liabilities | $112,225,922 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $374,387,645 |
Grants Awarded
Over the last fiscal year, Wofford College has awarded $10,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Spartanburg, SC PURPOSE: ORGANIZATIONAL SUPPORT | $5,000 |
Raleigh, NC PURPOSE: ORGANIZATIONAL SUPPORT | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Wofford College has recieved totaling $124,000.
| Awarding Organization | Amount |
|---|---|
James Family Foundation Inc Charlotte, NC PURPOSE: SUPPORT ANNUAL FUND, SCHOLARSHIP FUND AND TERRIER CLUB | $65,000 |
James Family Foundation Inc Charlotte, NC PURPOSE: SUPPORT RENOVATIONS TO WELLNESS CENTER, ENDOWED SCHOLARSHIP FUND | $55,000 |
Wateree Dreams Foundation Rock Hill, SC PURPOSE: SCHOLARSHIPS | $2,000 |
J William And Elizabeth S Robinson Foundation Inc Atlanta, GA PURPOSE: FOR THE PROMOTION OF EDUCATIONAL DEVELOPMENT | $2,000 |
Endowment Analysis
| Beg. Balance | $208,057,660 |
| Earnings | $71,820,974 |
| Net Contributions | $166,945,863 |
| Other Expense | $2,395,223 |
| Grants | $6,916,366 |
| Ending Balance | $437,512,908 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Furman University Greenville, SC | $1,049,847,532 | $208,077,263 |
Davidson College Davidson, NC | $1,786,522,691 | $194,756,860 |
Berry College Inc Mount Berry, GA | $1,445,846,752 | $178,933,031 |
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 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Oglethorpe University Inc Atlanta, GA | $134,446,425 | $78,800,641 |
Claflin University Orangeburg, SC | $159,550,066 | $90,488,927 |
Catawba College Salisbury, NC | $404,243,208 | $275,797,439 |
Benedict College Columbia, SC | $122,453,279 | $61,010,211 |