Chowan University
- Assets
- $92.5m
- Revenue
- $40.7m
- Investments
- $2.1m
- Employees
- 646
- Location
- Murfreesboro, NC
- Founding
- 08/1949
- Data as of
- 05/2022
- EIN
- 56-0554199
Organization Overview
Chowan University is located in Murfreesboro, NC. The organization was established in 1949. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 05/2022, Chowan University employed 646 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chowan 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 05/2022, Chowan University generated $40.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.1%) each year. All expenses for the organization totaled $39.0m during the year ending 05/2022. As we would expect to see with falling revenues, expenses have declined by (1.3%) 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
INSTITUTION OF PRIVATE HIGHER EDUCATION PROVIDING UNDERGRADUATE AND GRADUATE CURRICULUMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHOWAN UNIVERSITY IS A COMPREHENSIVE, COEDUCATIONAL, RESIDENTIAL UNIVERSITY WITH BOTH UNDERGRADUATE AND GRADUATE PROGRAMS. THE UNIVERSITY OFFERS A VARIETY OF ACADEMIC PROGRAMS WITH A LIBERAL ARTS BASIS IN CAREER-ORIENTED FIELDS SUCH AS BUSINESS, TEACHER EDUCATION, CRIMINAL JUSTICE, ETC. IN ALL, THE UNIVERSITY OFFERS DEGREES IN 32 PROGRAMS. STUDENTS PARTICIPATE IN, AND ARE EXPOSED TO, VARIOUS CULTURAL ARTS PROGRAMS AND EVENTS. THEY ARE ALSO ENCOURAGED TO BE INVOLVED IN COMMUNITY AND VOLUNTEER PROGRAMS. THE UNIVERSITY OFFERS VARIOUS STYLES OF STUDENT HOUSING FOR RESIDENTIAL STUDENTS. RESIDENTIAL STUDENTS RECEIVE TRAINING AND PROGRAMMING FROM THE RESIDENCE LIFE STAFF. ATHLETIC AND INTRAMURAL PARTICIPATION IS ANOTHER IMPORTANT COMPONENT IN THE LEARNING AND EDUCATION EXPERIENCE. THE UNIVERSITY SERVED APPROXIMATELY 983 STUDENTS IN ITS TRADITIONAL UNDERGRADUATE PROGRAM DURING THE ACADEMIC YEAR. OF THESE, APPROXIMATELY 890 WERE RESIDENTIAL STUDENTS. IN ADDITION TO THE TRADITIONAL UNDERGRADUATE STUDENTS, THE UNIVERSITY SERVED APPROXIMATELY 6 UNDERGRADUATE ADULT DEGREE PROGRAM STUDENTS AND 73 GRADUATE PROGRAM STUDENTS. THE UNIVERSITY HAD APPROXIMATELY 197 STUDENTS COMPLETE THEIR PROGRAM STUDIES DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kirk E Peterson President | Officer | 40 | $231,779 |
Danny B Moore Recording Secretary / Provost | Officer | 40 | $215,475 |
Danny R Davis Corp. Sec./vp Bus. | Officer | 40 | $171,948 |
Andy Wilson V.P. Office Of Advancement | 40 | $147,628 | |
Montrose Streeter V.P. Student Dev. | 40 | $132,163 | |
James R Howell Asst. VP Acad. Affairs | 40 | $113,433 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Att Charter Service Inc Passenger Bus Srvcs | 5/30/22 | $285,714 |
Follett Campus Resources Bookstore Contractor | 5/30/22 | $730,654 |
Aramark Corporation Housekeeping Cont. | 5/30/22 | $416,662 |
Pioneer College Caterers Inc Food Svc Provider | 5/30/22 | $1,707,703 |
Philadelphia Insurance Companies P & C Insurance Co. | 5/30/22 | $288,635 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,077,119 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,930,921 |
| Noncash contributions included in lines 1a–1f | $88,703 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,008,040 |
| Total Program Service Revenue | $30,346,222 |
| Investment income | $503,563 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,667,900 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,741,279 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,453,704 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $760,688 |
| Compensation of current officers, directors, key employees. | $760,688 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,578,846 |
| Pension plan accruals and contributions | $400,861 |
| Other employee benefits | $1,192,858 |
| Payroll taxes | $747,513 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,865 |
| Fees for services: Accounting | $146,935 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $92,179 |
| Fees for services: Other | $3,702,741 |
| Advertising and promotion | $39,904 |
| Office expenses | $329,093 |
| Information technology | $623,513 |
| Royalties | $0 |
| Occupancy | $1,048,304 |
| Travel | $941,699 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,660 |
| Interest | $282,915 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,731,300 |
| Insurance | $712,517 |
| All other expenses | $746,718 |
| Total functional expenses | $38,994,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,354,418 |
| Savings and temporary cash investments | $10,432,605 |
| Pledges and grants receivable | $697,355 |
| Accounts receivable, net | $1,845,742 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $129,346 |
| Prepaid expenses and deferred charges | $424,182 |
| Net Land, buildings, and equipment | $44,549,669 |
| Investments—publicly traded securities | $27,621,613 |
| Investments—other securities | $2,120,593 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,302,919 |
| Total assets | $92,478,442 |
| Accounts payable and accrued expenses | $1,529,663 |
| Grants payable | $0 |
| Deferred revenue | $250,991 |
| 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 | $7,911,719 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $275,077 |
| Total liabilities | $9,967,450 |
| Net assets without donor restrictions | $49,822,666 |
| Net assets with donor restrictions | $32,688,326 |
| 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 | $92,478,442 |
Grants Recieved
Over the last fiscal year, we have identified 14 grants that Chowan University has recieved totaling $368,940.
| Awarding Organization | Amount |
|---|---|
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For general scholarship support. | $215,000 |
North Carolina Community Foundation Inc Raleigh, NC PURPOSE: EDUCATION | $44,930 |
North Carolina Independent Colleges & Universities Raleigh, NC PURPOSE: PROVIDE SCHOLARSHIP FUNDS | $34,053 |
Southern Bank Foundation Mount Olive, NC PURPOSE: DONATION | $25,000 |
Grady D Askew Foundation Las Vegas, NV PURPOSE: GENERAL OPERATING | $24,000 |
Printing Industries Of The Carolinas Foundation Inc Charlotte, NC PURPOSE: Scholarships and teacher awards | $8,700 |
Endowment Analysis
| Beg. Balance | $33,191,264 |
| Earnings | -$4,418,936 |
| Admin Expense | $92,179 |
| Net Contributions | $570,871 |
| Grants | $1,530,500 |
| Ending Balance | $27,720,520 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chowan University Murfreesboro, NC | $92,478,442 | $40,741,279 |
Accreditation Alliance Of Career Schools And Colleges Arlington, VA | $26,046,219 | $7,869,062 |
Road2hire Fort Mill, SC | $1,082,574 | $3,197,905 |
Laurelbrook Sanitarium And School Incorporated Dayton, TN | $3,172,312 | $3,978,330 |
American College Of The Building Arts Charleston, SC | $8,182,078 | $3,152,550 |
Brillare Beauty Institute Cleveland, TN | $1,097,021 | $2,779,261 |
Plumbers & Pipefitters Local Union No 421 Joint Training Fund North Charleston, SC | $3,214,937 | $2,045,686 |
Plumbers & Pipefitters Locals 352 & 572 Joint Apprenticeship Committee Nashville, TN | $1,903,387 | $1,719,621 |
Tennessee Future Farmers Of America Foundation Inc Cookeville, TN | $8,783,000 | $1,550,962 |
Electrician Training Academy At Knoxville Knoxville, TN | $786,789 | $800,194 |
Virginia Technical Institute Altavista, VA | $3,192,036 | $814,315 |
Georgia Association For Career & Technical Education Inc Marietta, GA | $923,695 | $850,463 |