Union College
- Assets
- $74.6m
- Revenue
- $30.9m
- Investments
- $0.0
- Employees
- 537
- Location
- Barbourville, KY
- Founding
- 04/1959
- Data as of
- 06/2022
- EIN
- 61-0461768
Organization Overview
Union College is located in Barbourville, KY. The organization was established in 1959. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Union College employed 537 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Union College 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, Union College generated $30.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 6.2% each year. All expenses for the organization totaled $32.7m during the year ending 06/2022. While expenses have increased by 9.6% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
UNION COLLEGE IS A PRIVATE LIBERAL ARTS COLLEGE AFFILIATED WITH THE UNITED METHODIST CHURCH
Describe the Organization's Program Activity:
APPROXIMATELY 881 UNDERGRADUATE AND 338 GRADUATE STUDENTS; 315 TOTAL STUDENTS GRADUATED WITH DEGREES IN 2021-2022
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hon Donald Jones Board Chair | OfficerTrustee | 3 | $0 |
Terri Cahill Vice Chair | OfficerTrustee | 3 | $0 |
D J Washington Secretary | OfficerTrustee | 3 | $0 |
Terry Smallwood Treasurer | OfficerTrustee | 3 | $0 |
W David Ackley Board Member | Trustee | 1 | $0 |
Rev Dr Barry Ball Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Management Resources Physical Plant Services | 6/29/22 | $852,728 |
Sodexo Food Service | 6/29/22 | $549,940 |
Mills Construction & Consulting Llc Construction | 6/29/22 | $320,476 |
Pioneer College Caterers Food Service | 6/29/22 | $311,636 |
Synergy Campus Security Systems Security Service | 6/29/22 | $231,401 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,082,825 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,156,845 |
| Noncash contributions included in lines 1a–1f | $407,874 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,239,670 |
| Total Program Service Revenue | $24,140,055 |
| Investment income | $701,317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,774,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,855,950 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $13,816,880 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $571,520 |
| Compensation of current officers, directors, key employees. | $70,697 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,310,386 |
| Pension plan accruals and contributions | $56,855 |
| Other employee benefits | $582,405 |
| Payroll taxes | $529,200 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $42,060 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $198,073 |
| Fees for services: Other | $2,553,643 |
| Advertising and promotion | $86,477 |
| Office expenses | $7,908 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $869,694 |
| Travel | $582,848 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $789,027 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,528,209 |
| Insurance | $596,411 |
| All other expenses | $60,847 |
| Total functional expenses | $32,705,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,263,493 |
| Savings and temporary cash investments | $609,966 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,152,640 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $854,704 |
| Inventories for sale or use | $204,029 |
| Prepaid expenses and deferred charges | $385,336 |
| Net Land, buildings, and equipment | $38,046,265 |
| Investments—publicly traded securities | $29,143,654 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,952,968 |
| Total assets | $74,613,055 |
| Accounts payable and accrued expenses | $731,543 |
| Grants payable | $0 |
| Deferred revenue | $396,154 |
| Tax-exempt bond liabilities | $9,826,032 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,716,301 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $619,614 |
| Total liabilities | $17,289,644 |
| Net assets without donor restrictions | $19,339,057 |
| Net assets with donor restrictions | $37,984,354 |
| 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 | $74,613,055 |