Luther Rice University Inc
- Assets
- $7.7m
- Revenue
- $4.6m
- Investments
- $25.1k
- Employees
- 77
- Location
- Lithonia, GA
- Founding
- 04/1965
- Data as of
- 06/2022
- 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 06/2022, Luther Rice University Inc employed 77 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 06/2022, Luther Rice University Inc generated $4.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.7%) each year. All expenses for the organization totaled $4.4m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.4%) 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
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 |
|---|---|---|---|
Kenneth Stokes Vice President For Information Technology | Officer | 40 | $110,726 |
Steven Steinhilber President | Officer | 40 | $109,184 |
Evan Posey Executive Vice President And Provost | Officer | 40 | $94,451 |
Kenneth Kuffrey Vice President For Financial Affairs | Officer | 40 | $76,030 |
Lou Souders Trustee | Trustee | 1 | $0 |
Mark Riser Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $788,583 |
| All other contributions, gifts, grants, and similar amounts not included above | $208,954 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $997,537 |
| Total Program Service Revenue | $3,609,861 |
| Investment income | -$40,768 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,580,851 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $244,501 |
| Grants and other assistance to Foreign Orgs/Individuals | $45,012 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $441,488 |
| Compensation of current officers, directors, key employees. | $305,768 |
| Compensation to disqualified persons | $62,513 |
| Other salaries and wages | $1,769,728 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $145,552 |
| Payroll taxes | $114,542 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,759 |
| Fees for services: Accounting | $43,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $6,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $110,033 |
| Advertising and promotion | $284,902 |
| Office expenses | $17,057 |
| Information technology | $198,416 |
| Royalties | $0 |
| Occupancy | $108,274 |
| Travel | $14,241 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,823 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $263,887 |
| Insurance | $56,925 |
| All other expenses | $389,856 |
| Total functional expenses | $4,447,770 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,108,233 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $113,278 |
| 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 | $186,363 |
| Net Land, buildings, and equipment | $1,123,874 |
| Investments—publicly traded securities | $20,352 |
| Investments—other securities | $25,088 |
| Investments—program-related | $966,962 |
| Intangible assets | $0 |
| Other assets | $205,150 |
| Total assets | $7,749,300 |
| Accounts payable and accrued expenses | $140,427 |
| Grants payable | $0 |
| Deferred revenue | $519,983 |
| 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 | $205,150 |
| Total liabilities | $865,560 |
| Net assets without donor restrictions | $5,572,603 |
| Net assets with donor restrictions | $1,311,137 |
| 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 | $7,749,300 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Luther Rice University Inc has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: NEW | $60,000 |
Endowment Analysis
| Beg. Balance | $1,256,118 |
| Earnings | -$35,985 |
| Admin Expense | $6,762 |
| Net Contributions | $172,778 |
| Grants | $75,012 |
| Ending Balance | $1,311,137 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ave Maria School Of Law Naples, FL | $21,394,119 | $23,155,503 |
Baptist Memorial College Of Health Sciences Inc Memphis, TN | $55,747,053 | $20,446,298 |
Sherman College Of Straight Chiropractic Inc Spartanburg, SC | $45,133,899 | $16,948,617 |
Interdenominational Theological Center Inc Atlanta, GA | $16,432,791 | $10,752,474 |
Florida International University Academic Health Center Health Care Miami, FL | $12,695,860 | $11,691,634 |
Middle Tennessee School Of Anesthesia Inc Madison, TN | $22,533,334 | $7,937,391 |
Johnson University Knoxville, TN | $1,750,926 | $5,010,332 |
Mid-America Baptist Theological Seminary Cordova, TN | $25,540,580 | $5,422,482 |
Laura Berry Campbell Trust For Columbia Theological Seminary Orlando, FL | $73,741,307 | $8,120,266 |
Talmudic College Of Florida Inc Miami Beach, FL | $19,278,547 | $4,925,622 |
Luther Rice University Inc Lithonia, GA | $7,749,300 | $4,580,851 |
L D Pankey Dental Foundation Inc Key Biscayne, FL | $8,662,484 | $3,687,716 |