Rust College
- Assets
- $82.9m
- Revenue
- $22.7m
- Investments
- $46.8m
- Employees
- 173
- Location
- Holly Springs, MS
- Founding
- 04/1947
- Data as of
- 06/2022
- EIN
- 64-0303805
Organization Overview
Rust College is located in Holly Springs, MS. The organization was established in 1947. 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, Rust College employed 173 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rust 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 06/2022, Rust College generated $22.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $21.9m during the year ending 06/2022. While expenses have increased by 4.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE QUALITY EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIVATE FOUR YEAR HISTORICAL BLACK COLLEGE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Ivy Taylor President | Officer | 50 | $220,000 |
Dr Adell Brown VP Finance | Officer | 50 | $150,000 |
Dr J Johnson VP Students | Officer | 50 | $125,000 |
Dr R Rice VP Academics | Officer | 50 | $125,000 |
Mrs T Perry Chief Of Staff | Officer | 50 | $115,500 |
Dr Ken Bedell Board | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,317,849 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,820,112 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,137,961 |
| Total Program Service Revenue | $10,580,638 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,718,599 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $851,000 |
| Compensation of current officers, directors, key employees. | $851,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,094,632 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,263,928 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $462,037 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $106,551 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $386,627 |
| Royalties | $0 |
| Occupancy | $556,588 |
| Travel | $76,251 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $102,080 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $613,160 |
| Insurance | $421,926 |
| All other expenses | $6,232,781 |
| Total functional expenses | $21,889,818 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,479,202 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $622,477 |
| Accounts receivable, net | $3,956,585 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,237,651 |
| Inventories for sale or use | $690,029 |
| Prepaid expenses and deferred charges | $143,690 |
| Net Land, buildings, and equipment | $17,641,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $46,756,042 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $393,414 |
| Total assets | $82,920,785 |
| Accounts payable and accrued expenses | $628,352 |
| Grants payable | $0 |
| Deferred revenue | $11,038,539 |
| 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 | $664,454 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,878,401 |
| Total liabilities | $14,209,746 |
| Net assets without donor restrictions | $51,536,064 |
| Net assets with donor restrictions | $17,174,975 |
| 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 | $82,920,785 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rust College has recieved totaling $2,326.
| Awarding Organization | Amount |
|---|---|
Hunter And Ruth Arnold Char Trust Tupelo, MS PURPOSE: SUPPORT PER TRUST | $2,326 |
Endowment Analysis
| Beg. Balance | $41,054,568 |
| Earnings | $3,877,324 |
| Admin Expense | $88,824 |
| Net Contributions | $384,521 |
| Other Expense | $1,022,030 |
| Ending Balance | $44,205,559 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Milligan University Milligan, TN | $122,087,054 | $57,184,968 |
Miles College Fairfield, AL | $95,783,028 | $49,621,884 |
Carson-Newman University Jefferson City, TN | $160,428,637 | $65,286,029 |
Tusculum University Greeneville, TN | $114,694,317 | $47,879,632 |
King University Bristol, TN | $69,555,277 | $42,931,439 |
Dillard University New Orleans, LA | $290,476,609 | $59,120,673 |
Lyon College Batesville, AR | $134,360,694 | $34,275,899 |
Tennessee Wesleyan University Athens, TN | $44,814,456 | $36,534,539 |
Lane College Jackson, TN | $65,638,607 | $34,131,294 |
Huntingdon College Montgomery, AL | $93,441,263 | $35,039,176 |
Louisiana College Pineville, LA | $103,090,371 | $31,169,052 |
Richmond The American Intl Universi Ty In London Inc Nashville, TN | $5,650,509 | $18,846,780 |