Oakwood University Inc
- Assets
- $120.1m
- Revenue
- $68.7m
- Investments
- $23.8m
- Employees
- 1,263
- Location
- Huntsville, AL
- Founding
- 04/1947
- Data as of
- 06/2022
- EIN
- 63-0366652
Organization Overview
Oakwood University Inc is located in Huntsville, AL. The organization was established in 1947. 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, Oakwood University Inc employed 1,263 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Oakwood 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, Oakwood University Inc generated $68.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $72.4m during the year ending 06/2022. While expenses have increased by 3.1% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
OAKWOOD UNIVERSITY, A HISTORICALLY BLACK SEVENTH-DAY ADVENTIST INSTITUTION OF HIGHER LEARNING, PROVIDES QUALITY CHRISTIAN EDUCATION THAT EMPHASIZES ACADEMIC EXCELLENCE; PROMOTES HARMONIOUS DEVELOPMENT OF MIND, BODY AND SPIRIT; AND PREPARES LEADERS IN SERVICE FOR GOD AND HUMANITY.
Describe the Organization's Program Activity:
TO PROVIDE UNDERGRADUATE DEGREE PROGRAMS IN VARIOUS DISCIPLINES INCLUDING ON CAMPUS TRAINING IN SELECTED FIELDS OF STUDY FOR APPROXIMATELY 1800 STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham Jules Member | Trustee | 1 | $0 |
Linda Seal Member | Trustee | 1 | $0 |
Lois Peters Emeritus Member | Trustee | 1 | $0 |
Marcellus Robinson Member | Trustee | 1 | $0 |
Marvin Brown Member | Trustee | 1 | $0 |
Meki Bracken Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Huntsville Utilities Utilities | 6/29/22 | $2,048,886 |
P & C Construction Inc Construction | 6/29/22 | $1,899,957 |
Dynamic Campus Solutions Technology | 6/29/22 | $1,743,750 |
Sodexo Llc Food Service | 6/29/22 | $1,680,074 |
Coveware Inc Technology | 6/29/22 | $804,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,082,052 |
| All other contributions, gifts, grants, and similar amounts not included above | $13,655,830 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,737,882 |
| Total Program Service Revenue | $37,791,738 |
| Investment income | $1,353,826 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$28,714 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $19,272 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $460,589 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $68,745,212 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $19,721,774 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $545,164 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,430,821 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,988,025 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $654,322 |
| Fees for services: Accounting | $87,955 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,810,089 |
| Advertising and promotion | $376,266 |
| Office expenses | $0 |
| Information technology | $97,801 |
| Royalties | $70,672 |
| Occupancy | $4,175,247 |
| Travel | $622,488 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $408,059 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,809,682 |
| Insurance | $981,257 |
| All other expenses | $2,778,389 |
| Total functional expenses | $72,386,999 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,385,262 |
| Pledges and grants receivable | $241,112 |
| Accounts receivable, net | $20,799,570 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $12,626,955 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $115,372 |
| Net Land, buildings, and equipment | $53,569,413 |
| Investments—publicly traded securities | $228,560 |
| Investments—other securities | $23,813,640 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $284,797 |
| Total assets | $120,064,681 |
| Accounts payable and accrued expenses | $19,163,936 |
| Grants payable | $857,270 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $15,406,421 |
| 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 | $0 |
| Total liabilities | $35,427,627 |
| Net assets without donor restrictions | $52,659,046 |
| Net assets with donor restrictions | $31,978,008 |
| 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 | $120,064,681 |