Asbury College
- Assets
- $169.8m
- Revenue
- $69.4m
- Investments
- $24.1m
- Employees
- 1,200
- Location
- Wilmore, KY
- Founding
- 09/1934
- Data as of
- 06/2022
- EIN
- 61-0458355
Organization Overview
Asbury College, operating under the name Asbury University, is located in Wilmore, KY. The organization was established in 1934. 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, Asbury University employed 1,200 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asbury 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, Asbury University generated $69.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $56.3m during the year ending 06/2022. While expenses have increased by 1.6% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
A CHRISTIAN LIBERAL ARTS UNIVERSITY COMMITTED TO ACADEMIC EXCELLENCE AND SPIRITUAL VITALITY, EQUIPPING STUDENTS FOR A LIFETIME OF LEARNING, LEADERSHIP, AND SERVICE.
Describe the Organization's Program Activity:
ASBURY UNIVERSITY IS A CHRISTIAN LIBERAL ARTS UNIVERSITY. THE COLLEGE WAS FOUNDED IN 1890 AND IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS, THE NATIONAL ASSOCATION OF SCHOOLS OF MUSIC, AND THE TEACHER EDUCATION PROGRAM BY THE KENTUCKY DEPARTMENT OF EDUCATION. THE COLLEGE OPERATES A MAIN CAMPUS IN WILMORE, KY AND A VIRTUAL CAMPUS FOR ON-LINE LEARNING, PROVIDING EDUCATION FOR APPROXIMATELY 1,729 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry D Brown Board Chair | Trustee | 4 | $0 |
Timothy A Shell Vice Chair | Trustee | 2 | $0 |
Sarah L Luce Secretary | Trustee | 2 | $0 |
Aaron P Ammerman Trustee | Trustee | 2 | $0 |
Lisa L Ausley Trustee | Trustee | 2 | $0 |
Ron Ball Trustee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
D W Wilburn Inc Contractor | 6/29/22 | $6,091,479 |
Pioneer College Caterers Caterer | 6/29/22 | $2,007,150 |
Rising Sun Developing Company Construction Contractor | 6/29/22 | $1,446,978 |
Carnegie Dartlet Llc Consultants-marketing | 6/29/22 | $810,154 |
Johnson Controls Fire Protection Lp Hvac Contractor | 6/29/22 | $598,797 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,038,731 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,404,512 |
| Noncash contributions included in lines 1a–1f | $474,334 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,443,243 |
| Total Program Service Revenue | $42,299,800 |
| Investment income | $2,194,850 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $121,584 |
| Net Gain/Loss on Asset Sales | $4,071,834 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $58,835 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,387,747 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $18,753,630 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $984,540 |
| Compensation of current officers, directors, key employees. | $663,492 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,977,197 |
| Pension plan accruals and contributions | $434,874 |
| Other employee benefits | $3,398,857 |
| Payroll taxes | $1,229,455 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,027 |
| Fees for services: Accounting | $55,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $235,158 |
| Fees for services: Other | $159,708 |
| Advertising and promotion | $1,111,967 |
| Office expenses | $143,612 |
| Information technology | $711,916 |
| Royalties | $0 |
| Occupancy | $2,226,147 |
| Travel | $772,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $68,483 |
| Interest | $276,561 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,231,199 |
| Insurance | $627,923 |
| All other expenses | $0 |
| Total functional expenses | $56,347,315 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,940,207 |
| Savings and temporary cash investments | $7,078,659 |
| Pledges and grants receivable | $3,713,226 |
| Accounts receivable, net | $1,031,389 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,765,108 |
| Inventories for sale or use | $209,627 |
| Prepaid expenses and deferred charges | $161,140 |
| Net Land, buildings, and equipment | $73,946,406 |
| Investments—publicly traded securities | $50,187,716 |
| Investments—other securities | $24,081,056 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $647,271 |
| Total assets | $169,761,805 |
| Accounts payable and accrued expenses | $3,536,574 |
| Grants payable | $0 |
| Deferred revenue | $932,090 |
| Tax-exempt bond liabilities | $5,261,821 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,869,077 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,268,042 |
| Total liabilities | $13,867,604 |
| Net assets without donor restrictions | $58,707,699 |
| Net assets with donor restrictions | $97,186,502 |
| 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 | $169,761,805 |