Johnson C Smith University Incorporated in Charlotte, North Carolina (NC)

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Johnson C Smith University Incorporated
Employer Identification Number (EIN)250983069
Name of OrganizationJohnson C Smith University Incorporated
In Care of NameGreg Petzke
Address100 Beatties Ford Rd, Charlotte, NC 28216-5302
ActivitiesSchool, college, trade school, etc.
SubsectionEducational Organization
Ruling Date02/1945
DeductibilityContributions are deductible
FoundationSchool
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2013
Assets$50,000,000 to greater
Income$10,000,000 to $49,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$134,416,542
Amount of Income$49,346,558
Form 990 Revenue Amount$47,102,879
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: University or Technological Institute


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Amount of income in 2013: $49,346,558
Johnson C Smith University Incorporated: 

 $49,346,558
Other organizations performing similar types of work: 

 $136,725,850

Assets in 2013: $134,416,542
Johnson C Smith University Incorporated: 

 $134,416,542
Other organizations performing similar types of work: 

 $239,530,668

Expenses in 2013: $57,143,335
This organization: 

 $57,143,335
Other organizations performing similar types of work: 

 $107,808,210

Income to expenses ratio in 2013: 0.9
Johnson C Smith University Incorporated: 

 0.9
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 86.1%
This organization: 

 86.1%
Other organizations performing similar types of work: 

 85.4%

Number of employees in 2013: 1,490
This organization: 

 1,490
Other organizations performing similar types of work: 

 1,977

Employees paid over $100,000 in 2013: 2.3%
Johnson C Smith University Incorporated: 

 2.3%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2013: 20.3%
Johnson C Smith University Incorporated: 

 20.3%
Other organizations performing similar types of work: 

 9.1%

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Functional expenses for 2013

Checklist
20122013
Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?NoNo
Is the organization required to complete Schedule B, Schedule of Contributors?YesYes
Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?NoNo
Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?NoNo
Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?NoNo
Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?NoNo
Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?NoNo
Did the organization maintain collections of works of art, historical treasures, or other similar assets?NoNo
Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?NoNo
Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?NoNo
Did the organization report an amount for land, buildings, and equipment?YesYes
Did the organization report an amount for investments-other securities that is 5% or more of its total assets?YesYes
Did the organization report an amount for investments-program related that is 5% or more of its total assets?NoNo
Did the organization report an amount for other assets that is 5% or more of its total assets?NoNo
Did the organization report an amount for other liabilities?YesYes
Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?YesYes
Did the organization obtain separate, independent audited financial statements for the tax year?YesYes
Was the organization included in consolidated, independent audited financial statements for the tax year?NoNo
Is the organization a school described in section 170(b)(1)(A)(ii)?NoNo
Did the organization maintain an office, employees, or agents outside of the United States?NoNo
Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?NoNo
Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?NoNo
Did the organization report a total of more than $15,000 of expenses for professional fundraising services?NoNo
Did the organization report more than $15,000 total of fundraising event gross income and contributions?YesYes
Did the organization report more than $15,000 of gross income from gaming activities?NoNo
Did the organization operate one or more hospital facilities?NoNo
Did the organization attach a copy of its audited financial statements?NoNo
Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?NoNo
Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?YesYes
Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?YesYes
Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?NoYes
Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?NoNo
Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?NoNo
Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?NoNo
Did the organization engage in an excess benefit transaction with a disqualified person during the year?NoNo
Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?NoNo
Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?NoNo
Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?NoNo
Was the organization a party to a business transaction with one of the following parties
A current or former officer, director, trustee, or key employee?NoNo
A family member of a current or former officer, director, trustee, or key employee?NoNo
An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?NoYes
Did the organization receive more than $25,000 in non-cash contributions?NoNo
Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?YesNo
Did the organization liquidate, terminate, or dissolve and cease operations?NoNo
Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?NoNo
Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?NoNo
Was the organization related to any tax-exempt or taxable entity?NoNo
Did the organization have a controlled entity within the meaning of section 512(b)(13)?NoNo
Did the organization make any transfers to an exempt non-charitable related organization?NoNo
Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?NoNo
Statements Regarding Other IRS Filings and Tax Compliance
201120122013
The number reported in Box 3 of Form 1096276234
The number of Forms W-2G00
Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?NoNo
The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return1,3451,490
Did the organization file all required federal employment tax returns?YesYes
Did the organization have unrelated business gross income of $1,000 or more during the year?YesYesYes
Has it filed a Form 990-T for this year?YesYes
At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?NoNo
Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?NoNo
Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?NoNo
Did the organization file Form 8886-T?NoNo
Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?NoNo
Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?NoNo
Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?YesYes
Did the organization notify the donor of the value of the goods or services provided?YesYes
Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?NoNo
Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?NoNo
Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?NoNo
If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?NoNo
If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?NoNo
Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?NoNo
Did the sponsoring organization make any taxable distributions under section 4966?NoNo
Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?NoNo
Initiation fees and capital contributions$0$0$0
Gross receipts for public use of club facilities $0$0$0
Gross income from members or shareholders$0$0$0
Gross income from other sources$0$0$0
Is the organization filing Form 990 in lieu of Form 1041?NoNo
The amount of tax-exempt interest received or accrued during the year$0$0
Is the organization licensed to issue qualified health plans in more than one state?NoNo
The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans$0$0
The amount of reserves on hand$0$0
Did the organization receive any payments for indoor tanning services during the tax year?NoNo
Has it filed a Form 720 to report these payments?NoNo
Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
20122013
Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees
Total reportable compensation from the organization$1,263,105$1,272,232
Total reportable compensation from related organizations$0$0
Total estimated amount of other compensation from the organization and related organizations$100,489$140,859
Total number of individuals who received more than $100,000 of reportable compensation from the organization1211
Total number of independent contractors who received more than $100,000 of compensation from the organization4623
Statement of Revenue
201120122013
Total revenue$41,977,207$79,709,872$47,102,879
Contributions, Gifts, Grants and Other Similar Amounts$11,882,507$43,753,571$9,573,939
Program Service Revenue$29,102,257$34,449,889$37,217,215
611600$22,662,947$23,837,169
Rooming and Boarding Houses $6,984,718$7,344,874
Educational Support Services$1,978,733$2,220,490
Educational Support Services$2,323,584$2,076,531
721000$499,907$1,235,409
All other program service revenue$0$502,742
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$906,660$894,897$69,111
Income from investment of tax-exempt bond proceeds$0$0$0
Royalties$0$0$0
Net rental income$26,802$67,237$71,948
Gross rents (Real / Personal)$26,802 / $0$67,237 / $0$71,948 / $0
Less: rental expenses (Real / Personal)$0 / $0$0 / $0$0 / $0
Rental income or (loss) (Real / Personal)$26,802 / $0$67,237 / $0$71,948 / $0
Net gain/loss from sales of assets other than inventory$345,586$618,000$69,694
Gross amount from sales of assets other than inventory (Securities / Other)$12,988,397 / $0$51,268,107 / $0$1,974,824 / $0
Less: cost or other basis and sales expenses (Securities / Other)$12,642,811 / $0$50,650,107 / $0$1,905,130 / $0
Gain or (loss) (Securities / Other)$345,586 / $0$618,000 / $0$69,694 / $0
Net income/loss from fundraising events$-76,619$-79,689$-36,040
Gross income from fundraising events$99,542$128,837$112,613
Less: direct expenses$176,161$208,526$148,653
Net income/loss from gaming activities$0$0$0
Net income/loss from sales of inventory$-217,885$-7,579$0
Gross sales of inventory, less returns and allowances$1,134,801$1,188,138$189,896
Less: cost of goods sold$1,352,686$1,195,717$189,896
Miscellaneous Revenue$7,899$13,546$137,012
900099$13,546$137,012
All other revenue$0$0
Statement of Functional Expenses
201120122013
Total functional expenses$45,041,239$50,256,737$57,143,335
Grants and other assistance to domestic organizations and domestic governments$0$0
Grants and other assistance to domestic individuals$7,322,465$9,794,666
Grants and other assistance to foreign organizations, foreign governments, and foreign individuals$0$0
Benefits paid to or for members$0$0
Compensation of current officers, directors, trustees, and key employees$499,060$621,230$650,170
Compensation not included above, to disqualified persons$0$0
Other salaries and wages$17,004,367$16,991,779$17,771,975
Pension plan accruals and contributions$144,433$288,092
Other employee benefits$1,358,324$1,571,626
Payroll taxes$1,345,546$1,382,961$1,413,581
Fees for services (non-employees)
Management$713,702$1,568,726
Legal$280,838$436,438
Accounting$185,730$191,296
Lobbying$0$0
Professional fundraising services$0$0$0
Investment management fees$14,291$150,095
Other$3,083,713$4,735,501
Advertising and promotion$250,954$113,283
Office expenses$7,432,748$4,596,896
Information technology$1,560,323$1,894,156
Royalties$0$0
Occupancy$2,116,065$4,980,508
Travel$1,566,672$1,402,196
Payments of travel or entertainment expenses for any federal, state, or local public officials$0$0
Conferences, conventions, and meetings$936,687$1,218,415
Interest$397,447$279,189
Payments to affiliates$0$0
Depreciation, depletion, and amortization$3,163,577$3,266,905
Insurance$330,691$282,456
Other expenses$402,107$348,827
Other expenses$0$188,338
Balance Sheet
201120122013
Total assets$108,308,659$137,308,181$134,416,542
Cash - non-interest-bearing$3,040$2,310
Savings and temporary cash investments$17,521,228$13,765,038
Pledges and grants receivable, net$26,508,011$19,324,378
Accounts receivable, net$912,405$1,180,052
Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees$0$0
Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations$0$0
Notes and loans receivable, net$1,073,833$981,525
Inventories for sale or use$189,896$0
Prepaid expenses and deferred charges$131,744$752,748
Land, buildings, and equipment: cost or other basis$38,976,944$43,224,040
Investments - publicly traded securities$0$0
Investments - other securities$50,219,836$53,785,653
Investments - program-related$0$0
Intangible assets$0$0
Other assets$1,771,244$1,400,798
Total liabilities$13,588,974$13,454,054$15,490,074
Accounts payable and accrued expenses$3,446,521$5,321,443
Grants payable$329,132$329,132
Deferred revenue$1,030,868$24,658
Tax-exempt bond liabilities$5,470,000$4,865,000$4,140,000
Escrow or custodial account liability$0$0
Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons$0$0
Secured mortgages and notes payable to unrelated third parties$1,900,342$1,794,555$3,959,671
Unsecured notes and loans payable to unrelated third parties$0$0$0
Other liabilities (including federal income tax, payables to related third parties, and other liabilities)$1,987,978$1,715,170
Total net assets or fund balances$94,719,685$123,854,127$118,926,468
Unrestricted net assets$43,927,885$43,058,068
Temporarily restricted net assets$46,539,512$42,705,851
Permanently restricted net assets$33,386,730$33,162,549
Capital stock or trust principal, or current funds$0$0
Paid-in or capital surplus, or land, building, or equipment fund$0$0
Retained earnings, endowment, accumulated income, or other funds$0$0$0
Reason for Public Charity Status (for 2013)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
Number of organizations supported0
Sum of amounts of support$0
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$29,529,720$28,142,810$30,407,415$29,690,227$35,428,355$36,736,835$44,965,253$43,657,681
Contributions, gifts, grants, and similar amounts received$14,333,716$12,615,282$13,793,009$11,558,446$13,998,093$13,293,417$11,311,854$9,634,293
Contributions to donor advised funds$0$0
Direct public support$6,851,060$9,182,427$8,782,141$6,389,352$9,165,512$4,338,034$6,288,140$5,064,614
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$7,482,656$3,432,855$5,010,868$5,169,094$4,832,581$8,955,383$5,023,714$4,569,679
Program service revenue including government fees and contracts$16,475,485$17,516,599$17,473,976$18,149,392$18,360,733$19,263,919$27,538,563$28,812,916
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$32,942$269,216$163,674$485,245$236,332$44,517$676,961$0
Dividends and interest from securities$1,566,607$649,388$675,724$380,014$1,054,627$1,727,447$2,553,165$3,184,800
Net rental income or (loss)$0$0$0$0$0$0$9,838$9,809
Gross rents$0$0$0$0$0$0$9,838$9,809
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$-1,626,740$-2,237,602$-768,434$22,043$114,902$108,334$1,766,952$1,164,503
Gross amount from sales of assets other than inventory$20,571,271$33,746,687$8,752,033$921,128$3,953,998$9,243,137$4,792,115$3,403,694
Less: cost or other basis and sales expenses$22,198,011$35,984,289$9,520,467$899,085$3,839,096$9,134,803$3,025,163$2,239,191
Net income or (loss) from special events and activities$29,432$0$0$0$0$0$0$-64,587
Gross revenue$30,182$0$0$0$0$0$0$38,471
Less: direct expenses other than fundraising expenses$750$0$0$0$0$0$0$103,058
Gross profit or (loss) from sales of inventory$-1,560,748$-1,083,495$-1,391,603$-1,585,506$777,532$1,439,211$204,941$52,363
Gross sales of inventory, less returns and allowances$6,143,358$6,283,977$6,109,539$6,497,046$6,251,900$6,581,046$908,185$979,650
Less: cost of goods sold$7,704,106$7,367,472$7,501,142$8,082,552$5,474,368$5,141,835$703,244$927,287
Other revenue$279,026$413,422$461,069$680,593$886,136$859,990$902,979$863,584
Total expenses$26,994,992$26,199,913$25,130,890$23,370,060$28,531,248$29,575,880$35,603,686$39,341,804
Program services$16,765,700$14,973,095$21,175,994$14,457,417$22,501,586$24,061,981$30,763,350$33,885,830
Management and general$9,828,580$10,612,354$3,001,634$7,470,773$4,714,209$4,386,816$3,782,834$4,239,835
Fundraising$400,711$614,464$953,262$1,441,870$1,315,453$1,127,083$1,057,502$1,216,139
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$52,093,261$53,535,230$60,033,991$70,579,397$79,287,136$87,749,125$99,269,499$95,736,746
Excess or (deficit) for the year$2,534,728$1,942,897$5,276,525$6,320,167$6,897,107$7,160,955$9,361,567$4,315,877
Net assets or fund balances at beginning of year$52,832,686$52,093,261$53,535,230$60,033,991$70,579,397$79,287,136$87,749,125$99,269,499
Other changes in net assets or fund balances$-3,274,153$-500,928$1,222,236$4,225,239$1,810,632$1,301,034$2,158,807$-7,848,630
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$39,341,804$33,885,830$4,239,835$1,216,139
Grants paid from donor advised funds$0
Other grants and allocations$3,858,798
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$1,096,789$319,883$656,994$119,912
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$14,094,561$10,630,793$2,884,133$579,635
Pension plan contributions not included above$1,391,876$1,035,838$304,591$51,447
Employee benefits not included above$0$0$0$0
Payroll taxes$1,163,234$859,578$251,674$51,982
Professional fundraising fees$0$0$0$0
Accounting fees$151,066$0$151,066$0
Legal fees$91,484$1,690$89,794$0
Supplies$1,251,819$767,334$470,814$13,671
Telephone$201,195$11,593$187,210$2,392
Postage and shipping$120,093$68,809$27,010$24,274
Occupancy$1,948,441$71,307$1,876,228$906
Equipment rental and maintenance$1,146,209$631,699$514,510$0
Printing and publications$396,667$265,542$2,889$128,236
Travel$1,089,104$905,261$157,044$26,799
Conferences, conventions, and meetings$611,733$476,003$121,893$13,837
Interest$353,857$302,484$49,908$1,465
Depreciation, depletion, etc.$1,943,265$1,703,447$231,569$8,249
Other expenses not covered above$8,431,613$11,975,771$-3,737,492$193,334
Balance Sheets
20002001200220032004200520062007
Total assets$74,483,865$75,083,199$79,940,003$89,677,519$94,991,762$103,654,689$114,449,463$110,147,281
Cash - non-interest-bearing$1,766,147$6,425,870$7,752,103$8,029,098$9,903,328$13,116,619$14,558,296$15,112,695
Savings and temporary cash investments$0$0$0$0$0$0$0$0
Accounts receivable less allowance for doubtful accounts$610,199$447,632$456,960$502,919$630,757$671,297$599,847$623,403
Pledges receivable less allowance for doubtful accounts$2,500,000$2,290,000$70,000$69,227$520,599$3,701,406$5,241,089$4,129,602
Grants receivable$0$0$0$0$0$0$0$616,711
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$611,579$637,969$633,151$706,629$794,165$858,216$852,160$932,182
Inventories for sale or use$444,431$228,148$250,453$202,304$188,728$273,340$281,025$231,736
Prepaid expenses and deferred charges$97,984$54,180$142,717$265,291$235,502$188,216$339,011$108,119
Investments - publicly-traded securities$38,887,615$36,907,690
Investments - other securities$27,823,427$25,037,547$30,856,454$37,611,247$40,802,720$43,441,801$9,071,740$6,574,530
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$39,267,501$38,446,882$38,524,760$39,763,345
Investments - other$0$0$0$0$0$0$3,200,460$3,618,090
Land, buildings, and equipment less accumulated depreciation$39,933,352$37,873,459$37,737,735$40,275,432$0$0$0$0
Other assets, including program-related investments$696,746$2,088,394$2,040,430$2,015,372$2,648,462$2,956,912$2,893,460$1,529,178
Total liabilities$22,390,604$21,547,969$19,906,012$19,098,122$15,704,626$15,905,564$15,179,964$14,410,535
Accounts payable and accrued expenses$2,028,501$3,585,825$4,030,585$3,212,315$2,311,012$2,942,890$3,183,183$3,519,198
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$79,259$170,191$121,265$126,500$148,583$130,258$178,553$164,482
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$10,702,000$10,070,000$9,625,000$9,165,000$8,690,000$8,200,000$7,690,000$7,165,000
Mortgages and other notes payable$6,359,367$7,270,755$5,865,664$6,297,992$4,225,899$3,503,849$3,799,096$2,568,068
Other liabilities$3,221,477$451,198$263,498$296,315$329,132$1,128,567$329,132$993,787
Total liabilities and net assets/fund balances$74,483,865$75,083,199$79,940,003$89,677,519$94,991,762$103,654,689$114,449,463$110,147,281
Total net assets or fund balances$52,093,261$53,535,230$60,033,991$70,579,397$79,287,136$87,749,125$99,269,499$95,736,746
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$29,529,720$28,142,810$30,407,415$29,690,227$35,428,355$36,736,835$44,965,253$43,657,681
Total revenue, gains, and other support per audited financial statements$33,561,351$33,671,050$37,883,221$40,775,357$41,453,901$42,651,334$46,252,096$34,862,333
Other expenses$5,474,618$6,866,544$8,723,378$12,307,791$7,285,000$7,215,388$2,863,600$-8,795,348
Net unrealized gains on investments$-2,229,488$-500,928$1,222,236$4,225,239$1,810,632$2,063,126$2,057,068$-7,848,630
Donated services and use of facilities$0$0$0$0$0$10,427$1,549$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$7,704,106$7,367,472$7,501,142$8,082,552$5,474,368$5,141,835$804,983$-946,718
Other revenue$1,442,987$1,338,304$1,247,572$1,222,661$1,259,454$1,300,889$1,576,757$0
Investment expenses$0$0$0$0$0$0$0$0
Other$1,442,987$1,338,304$1,247,572$1,222,661$1,259,454$1,300,889$1,576,757$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$26,994,992$26,199,913$25,130,890$23,370,060$28,531,248$29,575,880$35,603,686$39,341,804
Total expenses and losses per audited financial statements$33,256,111$32,229,081$31,384,460$30,229,951$32,746,162$33,427,253$34,731,722$38,395,086
Other revenue$7,704,106$7,367,472$7,501,142$8,082,552$5,474,368$5,152,262$704,793$-946,718
Donated services and use of facilities$0$0$0$0$0$10,427$1,549$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$7,704,106$7,367,472$7,501,142$8,082,552$5,474,368$5,141,835$703,244$-946,718
Other expenses$1,442,987$1,338,304$1,247,572$1,222,661$1,259,454$1,300,889$1,576,757$0
Investment expenses$0$0$0$0$0$0$0$0
Other$1,442,987$1,338,304$1,247,572$1,222,661$1,259,454$1,300,889$1,576,757$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$381,914$28,580$10,047
40$172,475$13,839$0
40$66,466$6,070$0
40$93,462$4,730$0
40$108,628$9,189$31,339
40$109,642$10,270$0
40$48,178$6,368$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings24
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006707
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$5,210,472$28,812,916
Program service revenue
Program service revenue 1000000$000$0$22,012,217
Program service revenue 2000000$000$0$6,800,699
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$3,184,800$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$9,809$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$1,164,503$0
Net income or (loss) from special events000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$-64,587$0
Gross profit or (loss) from sales of inventory000000$0Section 501(c)(7), (9), or (17) organization - Proceeds from the sale of exempt function property that was or will be timely reinvested in similar property (section 512(a)(3)(D))$52,363$0
Other revenue000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$863,584$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$121,101$10,570$0
$117,429$10,048$0
$99,960$10,163$0
$98,134$9,581$0
$100,983$5,256$0
Total number of other employees paid over $50,000107
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isSchool
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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IdNameAddressStateEstablishedTotal Income
1Campbell University IncPO BOX 97, Buies Creek, NC 27506-0097NC1939-12$3,583,772,659
2Duke University316 Teer Building Box 90271, Durham, NC 27708NC1939-06$2,646,211,352
3Chancellor Masters & Scholars Of The Univ Of Oxford2001 Evans Rd, Cary, NC 27513-2009NC1930-08$2,533,038,324
4Wake Forest UniversityPO BOX 7201, Winston Salem, NC 27109-6226NC2001-05$1,186,597,126
5Elon UniversityPO BOX 398, Elon, NC 27244-0398NC1939-05$261,870,210
6Wingate UniversityPO BOX 159, Wingate, NC 28174-0159NC1946-05$116,537,454
7Queens University Of Charlotte1900 Selwyn Avenue, Charlotte, NC 28271NC1942-09$88,110,357
8William Carey University498 Tuscan Ave Box 2, Hattiesburg, MS 39401-5461MS1973-03$82,693,678
9Meredith College3800 Hillsborough St, Raleigh, NC 27607-5237NC1942-04$79,283,909
10Johnson C Smith University Incorporated100 Beatties Ford Rd, Charlotte, NC 28216-5302NC1945-02$49,346,558
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17Great Lakes UniversityPo Box 4347, Auburn Hills, MI 48326MI2007-09$0
18Medical And Technological University Of America Foundation683 Windmill Ct, Fremont, CA 94539CA2007-11$0
19Momentum Leadership School Of Ministry Inc15 Kibbe Road, East Longmeadow, MA 01028MA2009-07$0
20Nelson Mandella Institution For Knowledge Building & Advancement1825 I St Nw Ste 400, Washington, DC 20006-5415DC2007-12$0
Number of organizations performing similar types of work
Alaska1
Alabama4
Arkansas1
Arizona2
California36
Colorado5
Connecticut9
District of Columbia6
Delaware2
Florida10
Georgia10
Hawaii2
Iowa7
Illinois19
Indiana6
Kansas4
Kentucky4
Louisiana4
Massachusetts19
Maryland7
Maine2
Michigan11
Minnesota5
Missouri9
Mississippi1
North Carolina11
North Dakota1
Nebraska2
New Hampshire3
New Jersey12
New York37
Ohio20
Oklahoma5
Oregon5
Pennsylvania29
Rhode Island3
South Carolina2
Tennessee6
Texas20
Utah1
Virginia11
Vermont3
Washington9
Wisconsin8
West Virginia2
International20
Total396

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