Freed-Hardeman University
- Assets
- $179.8m
- Revenue
- $74.0m
- Investments
- $18.5m
- Employees
- 1,037
- Location
- Henderson, TN
- Founding
- 03/1975
- Data as of
- 05/2022
- EIN
- 62-0518288
Organization Overview
Freed-Hardeman University is located in Henderson, TN. The organization was established in 1975. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2022, Freed-Hardeman University employed 1,037 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freed-Hardeman 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 05/2022, Freed-Hardeman University generated $74.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $57.3m during the year ending 05/2022. While expenses have increased by 1.8% 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
FREED-HARDEMAN UNIVERSITY IS A PRIVATE SCHOOL ASSOCIATED WITH CHURCHES OF CHRIST WHICH EMPHASIZE PHYSICAL AND SPIRITUAL DEVELOPMENT OF ITS STUDENTS TO PREPARE THEM FOR LIVES OF SERVICE TO THEIR COMMUNITIES.
Describe the Organization's Program Activity:
THE UNIVERSITY CONDUCTED CLASSES FOR APPROXIMATELY 2,100 STUDENTS AND GRADUATED APPROXIMATELY 450 DURING THE FISCAL YEAR. THE EXPENSES INCLUDED FACULTY SALARIES AND BENEFITS, AUXILIARY ENTERPRISES, STAFF, AND OPERATIONS AND MAINTENANCE TO SUPPORT THEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David R Shannon President | Officer | 40 | $250,934 |
Charles Vires Provost And VP For Academi | Officer | 40 | $170,738 |
Jason Brashier Vice President For Financial Services & CFO | Officer | 40 | $144,123 |
David Clouse VP For Advancement | Officer | 40 | $143,878 |
Leann Davis Associate Professor | 40 | $139,897 | |
Jerry A Satterfield Chief Investment Officer | 40 | $135,378 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
E&t Contracting Building Contractor | 5/30/22 | $1,837,357 |
Atg Ram Sports Turf Installation | 5/30/22 | $1,221,845 |
Garrett Plumbing And Heating Co Inc Plumbing | 5/30/22 | $483,740 |
Blusky Restoration Contractors Contractor | 5/30/22 | $425,000 |
Eab Student Search | 5/30/22 | $475,087 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $953,279 |
| Related organizations | $0 |
| Government grants | $1,176,371 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,291,181 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $19,420,831 |
| Total Program Service Revenue | $51,218,911 |
| Investment income | $290,262 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $129,564 |
| Net Gain/Loss on Asset Sales | $2,121,316 |
| Net Income from Fundraising Events | $762,525 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $75,912 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,019,321 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $18,721,444 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $709,672 |
| Compensation of current officers, directors, key employees. | $92,730 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,893,277 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,983,324 |
| Payroll taxes | $1,170,233 |
| 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 | $0 |
| Fees for services: Other | $1,029,775 |
| Advertising and promotion | $460,421 |
| Office expenses | $1,599,596 |
| Information technology | $907,514 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,008,171 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,143,215 |
| Insurance | $0 |
| All other expenses | $482,486 |
| Total functional expenses | $57,322,571 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,814,308 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,449,110 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $242,613 |
| Inventories for sale or use | $175,998 |
| Prepaid expenses and deferred charges | $1,451,311 |
| Net Land, buildings, and equipment | $66,387,244 |
| Investments—publicly traded securities | $70,418,012 |
| Investments—other securities | $18,486,984 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,343,662 |
| Total assets | $179,769,242 |
| Accounts payable and accrued expenses | $3,861,094 |
| Grants payable | $31,875 |
| Deferred revenue | $811,197 |
| Tax-exempt bond liabilities | $27,883,230 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $378,952 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,194,531 |
| Total liabilities | $35,160,879 |
| Net assets without donor restrictions | $57,159,893 |
| Net assets with donor restrictions | $87,448,470 |
| 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 | $179,769,242 |
Grants Recieved
Over the last fiscal year, we have identified 21 grants that Freed-Hardeman University has recieved totaling $718,135.
| Awarding Organization | Amount |
|---|---|
Dan Kirkland Wells Foundation Clifton, TX PURPOSE: DONATION | $135,500 |
Louis R Draughon Foundation Birmingham, AL PURPOSE: GENERAL SUPPORT GRANT | $100,000 |
Bobbie Solley Foundation Murfreesboro, TN PURPOSE: EXCELLENCE IN EDUCATION PROGRAM FUNDING | $84,443 |
Community Foundation Of Greater Huntsville Huntsville, AL PURPOSE: EDUCATION | $75,000 |
The@john And Rosemary Brown Family Foundation Atlanta, GA PURPOSE: GENERAL | $75,000 |
Michael And Becky Coleman Christian Family Foundation Incorporated Greenwood, MS PURPOSE: EDUCATION | $50,000 |
Endowment Analysis
| Beg. Balance | $79,574,146 |
| Earnings | -$5,808,555 |
| Admin Expense | $863,774 |
| Net Contributions | $4,600,079 |
| Other Expense | -$114,373 |
| Grants | $2,596,969 |
| Ending Balance | $75,019,300 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Campbellsville University Inc Campbellsville, KY | $197,242,279 | $142,326,474 |
Spelman College Atlanta, GA | $855,779,306 | $182,970,731 |
Centre College Of Kentucky Danville, KY | $677,636,297 | $215,283,093 |
Mississippi College Clinton, MS | $268,873,931 | $113,425,007 |
Roanoke College Salem, VA | $354,210,741 | $126,475,040 |
Lee University Cleveland, TN | $200,405,989 | $108,753,431 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Union University Jackson, TN | $193,669,100 | $103,290,604 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Randolph-Macon College Ashland, VA | $426,120,167 | $119,204,346 |
College Of The Ozarks Point Lookout, MO | $787,489,229 | $134,988,466 |
Bridgewater College Bridgewater, VA | $220,158,848 | $86,618,271 |