Letourneau University
- Assets
- $126.2m
- Revenue
- $72.7m
- Investments
- $0.0
- Employees
- 1,388
- Location
- Longview, TX
- Founding
- 08/1962
- Data as of
- 06/2021
- EIN
- 75-1081109
Organization Overview
Letourneau University is located in Longview, TX. The organization was established in 1962. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2023, Letourneau University employed 1,388 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Letourneau 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 06/2021, Letourneau University generated $72.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $68.6m during the year ending 06/2021. While expenses have increased by 0.6% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LETU IS A PRIVATE, INTERDENOMINATIONAL, EVANGELICAL CHRISTIAN INSTITUTION OF MORE THAN 3,000 STUDENTS CLAIMING EVERY WORKPLACE AND EVERY NATION AS ITS MISSION FIELD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRADITIONAL STUDENT EDUCATION - LETU IS CONSISTENTLY RANKED BY US NEWS AND WORLD REPORT IN THE TOP TIER AMONG REGIONAL UNIVERSITIES IN THE WEST. LETU PROVIDES UNDERGRADUATE PROGRAMS FOR TRADITIONAL STUDENTS IN ENGINEERING, TECHNOLOGY, THE LIBERAL ARTS, NURSING, BUSINESS, AERONAUTICAL SCIENCE, EDUCATION, AND THE SCIENCES AT THE MAIN CAMPUS IN LONGVIEW, TEXAS. A TOTAL OF 283 TRADITIONAL UNDERGRADUATE STUDENTS GRADUATED DURING FISCAL YEAR 22/23. ADDITIONALLY, TRADITIONAL GRADUATE PROGRAMS IN ENGINEERING ARE OFFERED. A TOTAL OF 1 TRADITIONAL GRADUATE STUDENT GRADUATED DURING FISCAL YEAR 22/23.
NONTRADITIONAL STUDENT EDUCATION - LETU PROVIDES UNDERGRADUATE PROGRAMS FOR NONTRADITIONAL STUDENTS ONLINE AND IN-PERSON IN BIBLICAL STUDIES, BUSINESS, COMPUTER INFORMATION SYSTEMS, CYBER SECURITY, CRIMINAL JUSTICE, EDUCATION, HEALTHCARE, HUMAN SERVICES, INTERDISCIPLINARY STUDIES, AND PSYCHOLOGY. A TOTAL OF 114 NONTRADITIONAL UNDERGRADUATE STUDENTS GRADUATED DURING FISCAL YEAR 22/23. ADDITIONALLY, NONTRADITIONAL GRADUATE PROGRAMS IN BUSINESS, EDUCATION, PSYCHOLOGY, AND HEALTHCARE ADMINISTRATION ARE OFFERED. A TOTAL OF 73 NONTRADITIONAL GRADUATE STUDENTS GRADUATED DURING FISCAL YEAR 22/23.
OTHER PROGRAM SERVICES INCLUDE TRANSACTIONS INVOLVED WITH SUMMER AND SPORTS CAMPS, EDUCATIONAL TRIPS, GOVERNMENT AND PRIVATE GRANTS FOR RESEARCH, AND THE UNIVERSITY'S PERFORMING ARTS CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Dale Lunsford Chancellor | Officer | 60 | $426,781 |
Dr Steven Mason President | OfficerTrustee | 59 | $348,065 |
Dr Ben Caldwell Provost | Officer | 60 | $168,153 |
Mike Hood VP For Finance And Admin | Officer | 60 | $154,776 |
Terry A Zeitlow Vice President Development | 60 | $150,173 | |
Dr Scott Anson Professor, Mechanical Engineer | 60 | $142,852 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Forvis Llp Accounting Services | 6/29/23 | $101,864 |
Edwards And Creson Llc Consulting | 6/29/23 | $117,061 |
Legend Aircraft Manufacturing Lp Aircraft Manufacture | 6/29/23 | $108,932 |
The 411 Agency Printing/marketing | 6/29/23 | $134,506 |
Advantage Building Services Custodial Services | 6/29/23 | $153,998 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,689,523 |
| Investment income | $572,414 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $26,633 |
| Net Gain/Loss on Asset Sales | $500,934 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $72,692,302 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $19,212,193 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $775,469 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $20,836,640 |
| Pension plan accruals and contributions | $1,085,995 |
| Other employee benefits | $3,563,486 |
| Payroll taxes | $1,598,475 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,231 |
| Fees for services: Accounting | $76,864 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $115,506 |
| Fees for services: Other | $5,064,560 |
| Advertising and promotion | $844,336 |
| Office expenses | $1,585,820 |
| Information technology | $1,127,602 |
| Royalties | $0 |
| Occupancy | $3,152,967 |
| Travel | $461,725 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,187 |
| Interest | $255,801 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,859,597 |
| Insurance | $464,034 |
| All other expenses | $0 |
| Total functional expenses | $68,569,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $578,951 |
| Savings and temporary cash investments | $20,776,488 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $622,402 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,603,650 |
| Inventories for sale or use | $93,659 |
| Prepaid expenses and deferred charges | $565,225 |
| Investments—publicly traded securities | $8,909,397 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $31,274,230 |
| Total assets | $126,204,892 |
| Accounts payable and accrued expenses | $2,120,797 |
| Grants payable | $1,193,856 |
| Deferred revenue | $3,035,779 |
| Tax-exempt bond liabilities | $4,929,053 |
| Escrow or custodial account liability | $0 |
| 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 | $2,084,828 |
| Total liabilities | $13,364,313 |
| 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 | $112,840,579 |