Limestone University
- Assets
- $91.1m
- Revenue
- $48.9m
- Investments
- $0.0
- Employees
- 844
- Location
- Gaffney, SC
- Founding
- 06/1946
- Data as of
- 06/2021
- EIN
- 57-0314402
Organization Overview
Limestone University is located in Gaffney, SC. The organization was established in 1946. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 06/2021, Limestone University employed 844 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Limestone 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 06/2021, Limestone University generated $48.9m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $51.9m during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LIMESTONE UNIVERSITY IS A FOUR-YEAR, LIBERAL ARTS INSTITUTION IN GAFFNEY, SC. ESTABLISHED IN 1845, LIMESTONE OFFERS MASTERS, BACHELOR AND ASSOCIATE DEGREES THROUGH TRADITIONAL AND NON-TRADITIONAL EDUCATIONAL OPPORTUNITIES.
Describe the Organization's Program Activity:
LIMESTONE UNIVERSITY PROVIDES POST-SECONDARY EDUCATION FOR APPROXIMATELY 2,250 FTE DEGREE-SEEKING STUDENTS, INCLUDING ACADEMIC/STUDENT SUPPORT AND AUXILIARY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Darrell Parker President | Officer | 40 | $315,304 |
Monica Baloga Provost/professor | Officer | 40 | $167,037 |
Reggie Browning VP Finance And Accounting | Officer | 40 | $164,582 |
Amber Williams VP Of Academic Affairs | 40 | $120,640 | |
Mike Cerina VP Athletics | 40 | $106,635 | |
Randy Hines Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sodexo Food Service | 6/29/21 | $4,288,314 |
Campus Works It Service Contract | 6/29/21 | $1,184,271 |
Clark Communications Printing & Publications | 6/29/21 | $617,146 |
Nexsen Pruet Llc Legal Services | 6/29/21 | $361,125 |
Craig Gaulden Davis Architecture Architecture Services | 6/29/21 | $201,105 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,932,653 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,153,145 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,085,798 |
| Total Program Service Revenue | $41,172,380 |
| Investment income | $852,235 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $51,989 |
| Net Gain/Loss on Asset Sales | $743,231 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,905,633 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,863,440 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $506,525 |
| Compensation of current officers, directors, key employees. | $80,489 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,635,209 |
| Pension plan accruals and contributions | $385,078 |
| Other employee benefits | $1,881,211 |
| Payroll taxes | $1,124,247 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $375,844 |
| Fees for services: Accounting | $69,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $125,547 |
| Fees for services: Investment Management | $85,088 |
| Fees for services: Other | $237,931 |
| Advertising and promotion | $593,547 |
| Office expenses | $697,538 |
| Information technology | $1,228,395 |
| Royalties | $0 |
| Occupancy | $5,292,913 |
| Travel | $539,659 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,688,536 |
| Insurance | $792,280 |
| All other expenses | $4,670,661 |
| Total functional expenses | $51,898,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,239 |
| Savings and temporary cash investments | $5,832,538 |
| Pledges and grants receivable | $1,625,070 |
| Accounts receivable, net | $1,548,733 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $33,578 |
| Prepaid expenses and deferred charges | $232,713 |
| Net Land, buildings, and equipment | $52,843,361 |
| Investments—publicly traded securities | $28,440,234 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $518,345 |
| Total assets | $91,111,811 |
| Accounts payable and accrued expenses | $2,043,618 |
| Grants payable | $0 |
| Deferred revenue | $3,806,000 |
| 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 | $28,947,817 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $554,487 |
| Total liabilities | $35,351,922 |
| Net assets without donor restrictions | $23,635,742 |
| Net assets with donor restrictions | $32,124,147 |
| 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 | $91,111,811 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Limestone University has recieved totaling $381,141.
| Awarding Organization | Amount |
|---|---|
Timken Foundation Of Canton Canton, OH PURPOSE: RENOVATION OF THE FORMER A. J. EASTWOOD LIBRARY BUILDING | $250,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $52,088 |
South Carolina Independent Colleges And Universities Inc Columbia, SC PURPOSE: HIGHER EDUCATION | $33,360 |
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $16,000 |
Educational Credit Management Corporation Minneapolis, MN PURPOSE: Project Success Emergency Aid | $10,000 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $10,000 |
Endowment Analysis
| Beg. Balance | $25,726,429 |
| Earnings | $7,566,750 |
| Net Contributions | $380,056 |
| Grants | $2,168,019 |
| Ending Balance | $31,505,216 |
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 |
Morehouse College Atlanta, GA | $491,950,493 | $206,029,432 |
Lenoir-Rhyne University Hickory, NC | $251,750,614 | $101,403,823 |
Oglethorpe University Inc Atlanta, GA | $134,446,425 | $78,800,641 |
Claflin University Orangeburg, SC | $159,550,066 | $90,488,927 |
Catawba College Salisbury, NC | $404,243,208 | $275,797,439 |
Benedict College Columbia, SC | $122,453,279 | $61,010,211 |
Piedmont University Inc Demorest, GA | $159,118,905 | $56,789,955 |
North Carolina Wesleyan University Rocky Mount, NC | $65,274,015 | $57,107,518 |
Mars Hill University Mars Hill, NC | $168,863,107 | $54,418,250 |