Western Carolina University Research & Development Corporation
- Assets
- $52.4m
- Revenue
- $2.5m
- Investments
- $8.3k
- Employees
- 0
- Location
- Cullowhee, NC
- Founding
- 08/2002
- Data as of
- 06/2022
- EIN
- 04-3587582
Organization Overview
Western Carolina University Research & Development Corporation is located in Cullowhee, NC. The organization was established in 2002. According to its NTEE Classification (B12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Carolina University Research & Development Corporation 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, Western Carolina University Research & Development Corporation generated $2.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (7.9%) per year over the past 7 years. 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
AID AND PROMOTE EDUCATION AND CHARITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AID AND PROMOTE THE EDUCATION AND CHARITABLE PURPOSES AND LAWFUL ACTIVITIES OF WESTERN CAROLINA UNIVERSITY, A CONSTITUENT INSTITUTION OF THE UNIVERSITY OF NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kelli Brown President | OfficerTrustee | $0 | |
Michael T Byers Treasurer | OfficerTrustee | $0 | |
Pat Kaemmerling Chairman | OfficerTrustee | $0 | |
Bryant Kinney Vice Chairma | OfficerTrustee | $0 | |
Sam Miller Director | Trustee | $0 | |
Richard Starnes Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $655,012 |
| Investment income | $1,809,526 |
| Tax Exempt Bond Proceeds | $7,671 |
| 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 | $2,471,717 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $262 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $1,827,609 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $197,141 |
| All other expenses | $0 |
| Total functional expenses | $1,972,794 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $470,228 |
| Savings and temporary cash investments | $4,578,012 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $44,808,678 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,519,960 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,304 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $52,385,182 |
| Accounts payable and accrued expenses | $137,026 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $47,686,285 |
| 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 | $0 |
| Total liabilities | $47,823,311 |
| Net assets without donor restrictions | $639,003 |
| Net assets with donor restrictions | $3,922,868 |
| 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 | $52,385,182 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Western Carolina University Research & Development Corporation has recieved totaling $35,000.
| Awarding Organization | Amount |
|---|---|
| $35,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Transylvania Vocational Services Inc Brevard, NC | $52,218,118 | $34,183,028 |
University System Of Georgia Foundation Inc Atlanta, GA | $572,651,205 | $27,479,908 |
Champions For Education Inc Charlotte, NC | $4,769,828 | $14,830,024 |
Atlanta Neighborhood Charter School Inc Atlanta, GA | $8,677,734 | $16,201,042 |
Campus Development Foundation Inc Chattanooga, TN | $70,898,605 | $12,373,348 |
Hephzibah Charter Foundation Inc Hephzibah, GA | $10,181,498 | $8,307,126 |
Foundation Properties Inc Columbus, GA | $108,758,689 | $6,742,153 |
Nc State Engineering Foundation Inc Raleigh, NC | $172,988,383 | $18,412,442 |
Georgia Student Scholarship Organization Sso Inc Cumming, GA | $4,146,288 | $9,720,252 |
St Christophers School Foundation Richmond, VA | $94,106,126 | $9,680,251 |
Lowes Foundation Mooresville, NC | $8,794,184 | $2,155,365 |
Knox Education Foundation Knoxville, TN | $6,393,317 | $5,852,579 |