Luther Rice University Inc
- Assets
- $8.3m
- Revenue
- $4.7m
- Investments
- $4.7m
- Employees
- 65
- Location
- Lithonia, GA
- Founding
- 04/1965
- Data as of
- 06/2023
- EIN
- 59-1197022
Organization Overview
Luther Rice University Inc is located in Lithonia, GA. The organization was established in 1965. 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, Luther Rice University Inc employed 65 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Luther Rice University Inc 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, Luther Rice University Inc generated $4.7m in total revenue. The organization has seen a slow decline revenue. Over the past 4 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $4.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF LUTHER RICE COLLEGE & SEMINARY IS TO SERVE THE CHURCH AND COMMUNITY BY PROVIDING BIBLICALLY BASED ON-CAMPUS AND DISTANCE EDUCATION TO CHRISTIAN MEN AND WOMEN FOR MINISTRY AND THE MARKETPLACE WITH AN END TO GRANTING UNDERGRADUATE AND GRADUATE DEGREES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION
ACADEMIC SUPPORT
STUDENT SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Steinhilber President | Officer | 40 | $98,627 |
Ken Stokes V P For Information Technol | Officer | 40 | $113,805 |
Evan Posey Executive V P And Provost | Officer | 40 | $97,833 |
Kenneth Kuffrey V P For Financial Affairs | Officer | 40 | $86,534 |
Robert Williams Trustee | Trustee | 1 | $0 |
Darrell Whilddon Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $49,163 |
| All other contributions, gifts, grants, and similar amounts not included above | $225,987 |
| Noncash contributions included in lines 1a–1f | $100 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $275,150 |
| Total Program Service Revenue | $3,593,701 |
| Investment income | $235,622 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $150 |
| Net Gain/Loss on Asset Sales | $750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,709,932 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $214,628 |
| Grants and other assistance to Foreign Orgs/Individuals | $49,631 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $464,223 |
| Compensation of current officers, directors, key employees. | $333,725 |
| Compensation to disqualified persons | $75,359 |
| Other salaries and wages | $1,778,119 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $119,392 |
| Payroll taxes | $110,580 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,042 |
| Fees for services: Accounting | $44,585 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $171,482 |
| Advertising and promotion | $197,603 |
| Office expenses | $12,577 |
| Information technology | $212,070 |
| Royalties | $0 |
| Occupancy | $106,213 |
| Travel | $19,967 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,733 |
| Interest | $213 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $229,356 |
| Insurance | $58,520 |
| All other expenses | $281,385 |
| Total functional expenses | $4,256,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $878,812 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $118,637 |
| 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 | $184,205 |
| Net Land, buildings, and equipment | $1,165,770 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $4,691,427 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,240,689 |
| Total assets | $8,279,540 |
| Accounts payable and accrued expenses | $181,784 |
| Grants payable | $0 |
| Deferred revenue | $571,776 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $189,261 |
| Total liabilities | $942,821 |
| Net assets without donor restrictions | $6,032,518 |
| Net assets with donor restrictions | $1,304,201 |
| 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 | $8,279,540 |