University Of Mount Olive Inc
- Assets
- $83.7m
- Revenue
- $62.1m
- Investments
- $12.7m
- Employees
- 715
- Location
- Mount Olive, NC
- Founding
- 10/1959
- Data as of
- 06/2022
- EIN
- 56-0623936
Organization Overview
University Of Mount Olive Inc, operating under the name University Of Mount Olive, is located in Mount Olive, NC. The organization was established in 1959. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2022, University Of Mount Olive employed 715 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. University Of Mount Olive 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, University Of Mount Olive generated $62.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $52.3m during the year ending 06/2022. While expenses have increased by 1.6% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHRISTIAN FAITH-BASED, VALUES-CENTERED PRIVATE HIGHER EDUCATION INSTITUTION ROOTED IN THE LIBERAL ARTS TRADITION. STUDENT EDUCATION AND RELATED SERVICES FOR APPROXIMATELY 5,000 STUDENTS, AUXILIARY ENTERPRISES, OPERATION OF PLANT, FOOD SERVICES, ATHLETICS AND STUDENT HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Edward Croom President | Officer | 50 | $258,956 |
Kathy Best Dean - Tillman School Of Busin | 50 | $136,051 | |
W Dan Sullivan VP Student Affairs | 50 | $132,096 | |
Kenneth Hines Chair - Dept Of Christian Stud | 50 | $131,863 | |
Jason Gipe VP - Advancement | 50 | $130,987 | |
Elizabeth Carrere Executive Vice President | 50 | $126,969 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Inc Affiliates Food Services | 6/29/22 | $1,741,637 |
Brand Value Accelerator Llc Mrktng/advertising | 6/29/22 | $592,215 |
High Standard Cleaning Cleaning Services | 6/29/22 | $519,798 |
Carolina Bay Construction Construction Svcs | 6/29/22 | $543,534 |
Radio Werks Llc Mrktng/advertising | 6/29/22 | $451,587 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $52,854 |
| Related organizations | $0 |
| Government grants | $13,750,369 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,464,977 |
| Noncash contributions included in lines 1a–1f | $112,592 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,268,200 |
| Total Program Service Revenue | $38,784,404 |
| Investment income | $864,261 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $843,961 |
| Net Income from Fundraising Events | -$3,617 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,113,692 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $17,612,229 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,241,750 |
| Compensation of current officers, directors, key employees. | $734,090 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,609,413 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,719,300 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $104,035 |
| Fees for services: Accounting | $219,796 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $115,183 |
| Fees for services: Other | $1,590,826 |
| Advertising and promotion | $1,335,421 |
| Office expenses | $528,014 |
| Information technology | $1,149,358 |
| Royalties | $0 |
| Occupancy | $1,080,363 |
| Travel | $685,557 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $58,721 |
| Interest | $532,429 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,954,160 |
| Insurance | $401,316 |
| All other expenses | $1,396,244 |
| Total functional expenses | $52,274,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,333 |
| Savings and temporary cash investments | $13,341,868 |
| Pledges and grants receivable | $444,922 |
| Accounts receivable, net | $2,204,784 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $433,415 |
| Net Land, buildings, and equipment | $27,603,918 |
| Investments—publicly traded securities | $13,343,255 |
| Investments—other securities | $12,703,291 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,644,078 |
| Total assets | $83,720,864 |
| Accounts payable and accrued expenses | $2,494,642 |
| Grants payable | $0 |
| Deferred revenue | $4,000,100 |
| 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 | $11,060,726 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $626,926 |
| Total liabilities | $18,182,394 |
| Net assets without donor restrictions | $20,266,667 |
| Net assets with donor restrictions | $45,271,803 |
| 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 | $83,720,864 |
Grants Recieved
Over the last fiscal year, we have identified 13 grants that University Of Mount Olive Inc has recieved totaling $1,053,476.
| Awarding Organization | Amount |
|---|---|
Lilly Endowment Inc Indianapolis, IN PURPOSE: THRIVING IN MINISTRY INITIATIVE | $761,383 |
Organization Name not Listed PURPOSE: PER ENDOWMENTS | | $77,435 |
Lettie Pate Whitehead Foundation Inc Atlanta, GA PURPOSE: For general scholarship support. | $63,500 |
Mount Olive Pickle Company Foundation Mount Olive, NC PURPOSE: GENERAL SUPPORT | $52,000 |
R A Bryan Foundation Inc Goldsboro, NC PURPOSE: EDUCATION | $50,000 |
North Carolina Independent Colleges & Universities Raleigh, NC PURPOSE: PROVIDE SCHOLARSHIP FUNDS | $32,287 |
Endowment Analysis
| Beg. Balance | $32,954,472 |
| Earnings | -$2,529,925 |
| Net Contributions | $401,680 |
| Other Expense | $1,677,310 |
| Ending Balance | $29,148,917 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Anderson University Anderson, SC | $269,873,980 | $130,183,026 |
Wofford College Spartanburg, SC | $486,613,567 | $116,076,279 |
Spelman College Atlanta, GA | $855,779,306 | $182,970,731 |
Roanoke College Salem, VA | $354,210,741 | $126,475,040 |
Lee University Cleveland, TN | $200,405,989 | $108,753,431 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Union University Jackson, TN | $193,669,100 | $103,290,604 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Randolph-Macon College Ashland, VA | $426,120,167 | $119,204,346 |
Bridgewater College Bridgewater, VA | $220,158,848 | $86,618,271 |
Trevecca Nazarene University Nashville, TN | $238,062,092 | $96,180,255 |
Hampden-Sydney College Hampdensydney, VA | $332,900,116 | $118,845,969 |