Lane College
- Assets
- $65.6m
- Revenue
- $34.1m
- Investments
- $6.4m
- Employees
- 301
- Location
- Jackson, TN
- Founding
- 04/1954
- Data as of
- 06/2022
- EIN
- 62-0570060
Organization Overview
Lane College is located in Jackson, TN. The organization was established in 1954. 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, Lane College employed 301 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lane 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, Lane College generated $34.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $35.3m during the year ending 06/2022. While expenses have increased by 5.4% 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
LANE COLLEGE IS A PRIVATE,CO-EDUCATIONAL INSTITUTION OF HIGHER LEARNING,INSTRUCTION AND SUPPORT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LANE COLLEGE IS AN INSTITUTE OF HIGHER EDUCATION AND PROVIDES INSTRUCTION SCHOLARSHIPS AND VARIOUS SUPPORT SERVICES IN ACHIEVING ITS PRIMARY PURPOSE OF EDUCATING STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Logan Hampton President | Trustee | 60 | $224,180 |
Darryl Mcgee Officer | Officer | 40 | $100,541 |
Bishop Marvin F Thomas Vice Chair | OfficerTrustee | 5 | $0 |
Mr John T Greene Trustee | Trustee | 5 | $0 |
Rev Dr Ronald Powe Trustee | Trustee | 5 | $0 |
Dr Jerry D Woodfork Sr Trustee | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sysco Food Service | 6/29/22 | $1,081,665 |
Entegrity Energy Partners Energy Services | 6/29/22 | $2,143,279 |
Jackson Energy Authority Utility | 6/29/22 | $1,402,178 |
Team Clean Jackson Llc Cleaning Service | 6/29/22 | $1,108,875 |
Artizan Constructors Llc Construction | 6/29/22 | $1,087,755 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $12,006,740 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,984,226 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $13,990,966 |
| Total Program Service Revenue | $19,074,545 |
| Investment income | $207,786 |
| 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 | $34,131,294 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,235,745 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $290,679 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,896,059 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $773,807 |
| Payroll taxes | $717,075 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $473,167 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,539,950 |
| Advertising and promotion | $0 |
| Office expenses | $3,349,007 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,172,948 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $54,549 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,518,078 |
| Insurance | $481,706 |
| All other expenses | $1,916,345 |
| Total functional expenses | $35,286,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,908,830 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $969,835 |
| Accounts receivable, net | $180,825 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $404,254 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $43,284,613 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,435,573 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,454,677 |
| Total assets | $65,638,607 |
| Accounts payable and accrued expenses | $1,730,321 |
| Grants payable | $0 |
| Deferred revenue | $1,190,489 |
| 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 | $639,806 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $111,801 |
| Total liabilities | $3,672,417 |
| Net assets without donor restrictions | $57,080,806 |
| Net assets with donor restrictions | $4,885,384 |
| 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 | $65,638,607 |