Regent University
- Assets
- $200.8m
- Revenue
- $160.2m
- Investments
- $14.3m
- Employees
- 1,822
- Location
- Virginia Beach, VA
- Founding
- 08/1978
- Data as of
- 06/2023
- EIN
- 54-1061178
Organization Overview
Regent University is located in Virginia Beach, VA. The organization was established in 1978. According to its NTEE Classification (B50) the organization is classified as: Graduate & Professional Schools, under the broad grouping of Education and related organizations. As of 06/2023, Regent University employed 1,822 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Regent 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 06/2023, Regent University generated $160.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $154.0m during the year ending 06/2023. While expenses have increased by 1.7% 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
REGENT UNIVERSITY SERVES AS A CENTER OF CHRISTIAN THOUGHT AND ACTION TO PROVIDE EXCELLENT EDUCATION THROUGH A BIBLICAL PERSPECTIVE AND GLOBAL CONTEXT EQUIPPING CHRISTIAN LEADERS TO CHANGE THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION - SCHOOLS OF COMMUNICATION & THE ARTS, BUSINESS & LEADERSHIP, EDUCATION, PSYCHOLOGY & COUNSELING, DIVINITY, LAW, GOVERNMENT AND COLLEGE OF ARTS AND SCIENCES AND COLLEGE OF HEALTH CARE SCIENCES. INCLUDES ACADEMIC SUPPORT, STUDENT SERVICES, SCHOLARSHIPS, AUXILIARIES & ACADEMIC AFFAIRS. 1,160 GRADUATE DEGREES, 641 UNDERGRADUATE DEGREES, 190 FIRST PROFESSIONAL DEGREES AND 25 ASSOCIATE DEGREES WERE AWARDED IN 2022-2023. (10,207 STUDENTS)
HOSPITALITY SERVICES - HOTEL AND CONFERENCE CENTER PROVIDING CONFERENCE SERVICES, FOOD AND BEVERAGE SERVICES, BANQUETS AND OTHER VARIOUS HOSPITALITY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M G Robertson Chancellor-Ceo | OfficerTrustee | 14 | $1,194 |
Louis A Isakoff Vice President And General Counsel | Officer | 40 | $361,112 |
Dorothy C Foster Exec VP Enrollment Services | Officer | 40 | $277,629 |
Martha J Smith Vice President For Human Resources & Administration | Officer | 40 | $273,365 |
William L Hathaway Exec VP Academic Affairs | Officer | 40 | $272,982 |
Christopher J Lambert VP Advancement | Officer | 40 | $280,248 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Google Inc Advertising Services | 6/29/23 | $9,643,487 |
Meta Platforms Inc Advertising Services | 6/29/23 | $3,466,692 |
Microsoft Online Inc Advertising Services | 6/29/23 | $2,696,505 |
Christian Broadcasting Network Building/ground Services | 6/29/23 | $2,296,349 |
Eab Marketing Consultants | 6/29/23 | $1,300,792 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,601,294 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,935,761 |
| Noncash contributions included in lines 1a–1f | $71,731 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,537,055 |
| Total Program Service Revenue | $153,681,155 |
| Investment income | $1,677,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $138,739 |
| Net Rental Income | $56,216 |
| Net Gain/Loss on Asset Sales | -$193,954 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $160,194,490 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,000 |
| Grants and other assistance to domestic individuals. | $26,608,992 |
| Grants and other assistance to Foreign Orgs/Individuals | $15,180 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,244,476 |
| Compensation of current officers, directors, key employees. | $1,322,859 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $57,295,672 |
| Pension plan accruals and contributions | $882,350 |
| Other employee benefits | $6,416,585 |
| Payroll taxes | $4,315,736 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $236,198 |
| Fees for services: Accounting | $165,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,520,696 |
| Advertising and promotion | $22,202,090 |
| Office expenses | $2,224,671 |
| Information technology | $5,423,866 |
| Royalties | $5,308 |
| Occupancy | $6,784,323 |
| Travel | $630,820 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,394 |
| Interest | $447 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,255,563 |
| Insurance | $816,443 |
| All other expenses | $0 |
| Total functional expenses | $153,959,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $47,365 |
| Savings and temporary cash investments | $37,626,433 |
| Pledges and grants receivable | $106,000 |
| Accounts receivable, net | $8,396,721 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $116,076 |
| Prepaid expenses and deferred charges | $1,612,282 |
| Net Land, buildings, and equipment | $79,948,972 |
| Investments—publicly traded securities | $52,888,400 |
| Investments—other securities | $14,254,413 |
| Investments—program-related | $5,309,514 |
| Intangible assets | $0 |
| Other assets | $451,000 |
| Total assets | $200,757,176 |
| Accounts payable and accrued expenses | $12,567,607 |
| Grants payable | $0 |
| Deferred revenue | $10,454,737 |
| Tax-exempt bond liabilities | $74,728,343 |
| 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 | $1,825,000 |
| Total liabilities | $99,575,687 |
| Net assets without donor restrictions | $64,972,376 |
| Net assets with donor restrictions | $36,209,113 |
| 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 | $200,757,176 |