Faulkner University
- Assets
- $101.6m
- Revenue
- $70.1m
- Investments
- $0.0
- Employees
- 1,033
- Location
- Montgomery, AL
- Founding
- 02/1950
- Data as of
- 05/2022
- EIN
- 63-0329409
Organization Overview
Faulkner University is located in Montgomery, AL. The organization was established in 1950. According to its NTEE Classification (B42) the organization is classified as: Undergraduate Colleges, under the broad grouping of Education and related organizations. As of 05/2024, Faulkner University employed 1,033 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faulkner 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 05/2022, Faulkner University generated $70.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $66.3m during the year ending 05/2022. While expenses have increased by 2.0% per year over the past 8 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
EDUCATIONAL INSTITUTION
Describe the Organization's Program Activity:
Part 3 - Line 4a
INSTRUCTION, PUBLIC SERVICE AND ACADEMIC SUPPORT-EDUCATIONAL COURSES LEADING TO A COLLEGE DEGREE
STUDENT SERVICE - OTHER NON-INSTRUCTIONAL SERVICES PROVIDED FOR STUDENTS
AUXILIARY ENTERPRISES - PROVIDED LODGING, BOARD, BOOKS AND RELATED SUPPLIES AND NEEDS FOR STUDENTS AND THE CAMPUS COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Senator Jabo Waggoner Trustee | Trustee | 0 | $0 |
Dr Bud Stumbaugh Trustee | Trustee | 0 | $0 |
Mr Tim Richardson Trustee | Trustee | 0 | $0 |
Dr Henri Mcdaniel Trustee | Trustee | 0 | $0 |
Judge Carole Medley Trustee | Trustee | 0 | $0 |
Mr Jason Isbell Trustee | Trustee | 0.1 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Culinary Management Solutions Cafeteria & Catering Services | 5/30/24 | $1,988,788 |
Ilawventures Llc Marketing/recruiting | 5/30/24 | $1,643,527 |
National Management Resources Maintenance Outsourcing | 5/30/24 | $1,556,082 |
Holley Marketing Consultants Llc Marketing | 5/30/24 | $1,130,579 |
Efc Systems Inc Computer Outsourcing Services | 5/30/24 | $666,941 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,786,438 |
| Investment income | $829,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $165,854 |
| Net Gain/Loss on Asset Sales | $163,287 |
| Net Income from Fundraising Events | -$289,122 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,137,760 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $17,513,228 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,065,720 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,262,816 |
| Pension plan accruals and contributions | $131,965 |
| Other employee benefits | $3,140,970 |
| Payroll taxes | $1,363,363 |
| Fees for services: Management | $23,389 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $63,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $30,800 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $200,526 |
| Advertising and promotion | $1,486,579 |
| Office expenses | $1,043,107 |
| Information technology | $1,132,466 |
| Royalties | $0 |
| Occupancy | $3,004,729 |
| Travel | $642,029 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $294,443 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,579,629 |
| Insurance | $149,016 |
| All other expenses | $0 |
| Total functional expenses | $66,259,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,704,312 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,662,489 |
| Accounts receivable, net | $4,911,830 |
| 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 | $0 |
| Investments—publicly traded securities | $23,675,518 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $733,409 |
| Total assets | $101,589,206 |
| Accounts payable and accrued expenses | $5,774,976 |
| Grants payable | $0 |
| Deferred revenue | $5,526,996 |
| Tax-exempt bond liabilities | $31,186,071 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $19,905 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $679,844 |
| Total liabilities | $43,187,792 |
| Net assets without donor restrictions | $35,885,266 |
| Net assets with donor restrictions | $22,516,148 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $58,401,414 |