Cumberland University
- Assets
- $72.6m
- Revenue
- $81.1m
- Investments
- $1.3m
- Employees
- 579
- Location
- Lebanon, TN
- Founding
- 07/1944
- Data as of
- 05/2023
- EIN
- 62-0599339
Organization Overview
Cumberland University is located in Lebanon, TN. The organization was established in 1944. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 05/2023, Cumberland University employed 579 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cumberland 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 05/2023, Cumberland University generated $81.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $69.6m during the year ending 05/2023. While expenses have increased by 9.4% 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
PROVIDING PRIVATE CO-EDUCATIONAL POST-SECONDARY EDUCATION TO ALL RACES AND CREEDS OF THE GENERAL PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION - PRIVATE UNIVERSITY PROVIDING EDUCATION FOR APPROXIMATELY 1,923 FULL-TIME AND 443 PART-TIME UNDERGRADUATE AND 232 GRADUATE STUDENTS THROUGH ITS NINE UNDERGRADUATE DIVISIONS AND GRADUATE PROGRAMS.
GRANTS & ALLOCATIONS - PROVIDES ASSISTANCE THROUGH FUNDED AND UNFUNDED SCHOLARSHIPS AND AWARDS TO THE APPROX 2,546 STUDENTS AND THROUGH GOVT FUNDED STUDENT FINANCIAL AID PROGRAMS TO APPROX 942 STUDENTS QUALIFYING FOR GOVT ASSISTANCE.
STUDENT SERVICES - PROVIDE SERVICES TO THE APPROXIMATELY 2,598 STUDENTS ENROLLED IN UNDERGRADUATE AND GRADUATE PROGRAMS.
OTHER SERVICES - SERVICES OPERATED FOR THE CONVENIENCE OF ITS STUDENTS, FACULTY, AND STAFF.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Carver Bone MD Trustee | Trustee | 1 | $0 |
W P Bone III Chairman | OfficerTrustee | 1 | $0 |
J Samuel Hatcher Trustee | Trustee | 1 | $0 |
Bob Mcdonald Trustee | Trustee | 1 | $0 |
Mark Riggins Trustee | Trustee | 1 | $0 |
W Joseph Adams Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mark Saunders Dba Mark's Flooring Flooring | 5/30/22 | $283,456 |
Four Star Paving Paving | 5/30/22 | $391,974 |
Flannery Electric Electrical | 5/30/22 | $248,220 |
Straightline Painting Painting | 5/30/22 | $214,097 |
Alan R Lequire Co Lequire Gallery Sculptor | 5/30/22 | $192,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $220,527 |
| Related organizations | $0 |
| Government grants | $11,133,127 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,430,127 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $20,783,781 |
| Total Program Service Revenue | $59,404,745 |
| Investment income | $861,932 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $91,040 |
| Net Income from Fundraising Events | -$60,997 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,080,501 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $37,685,102 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,131,888 |
| Compensation of current officers, directors, key employees. | $523,181 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,272,254 |
| Pension plan accruals and contributions | $348,740 |
| Other employee benefits | $783,302 |
| Payroll taxes | $1,139,352 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,132 |
| 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 | $3,016,803 |
| Advertising and promotion | $511,109 |
| Office expenses | $3,706,454 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,018,368 |
| Travel | $3,384,696 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,433 |
| Interest | $480,510 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,335,604 |
| Insurance | $187,758 |
| All other expenses | $11,760 |
| Total functional expenses | $69,638,989 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,229,141 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $2,897,156 |
| Accounts receivable, net | $1,688,335 |
| 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 | $350,087 |
| Net Land, buildings, and equipment | $37,214,911 |
| Investments—publicly traded securities | $18,712,944 |
| Investments—other securities | $1,283,685 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $204,710 |
| Total assets | $72,580,969 |
| Accounts payable and accrued expenses | $3,734,354 |
| Grants payable | $0 |
| Deferred revenue | $1,653,107 |
| 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 | $12,067,762 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $204,710 |
| Total liabilities | $17,659,933 |
| Net assets without donor restrictions | $30,449,151 |
| Net assets with donor restrictions | $24,471,885 |
| 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 | $72,580,969 |