Form 990 for tax year 2022

Filed by WILLIAM PEACE UNIVERSITY.

Totals

Total revenue: $26,832,734
Total expenses: $34,329,410
Contributions and grants received: $3,697,270
Grants paid: $8,913,762
Program service revenue: $22,502,125
Investment income: $238,815
Other revenue: $394,524
Total assets, end of year: $77,092,477
Total liabilities, end of year: $14,065,099
Net assets or fund balances, end of year: $63,027,378
Program services expenses (Part IX): $26,899,857
Management and general expenses: $6,822,750
Fundraising expenses: $606,803
Program service expenses (Part III): $26,899,857

Program services were 78.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1d · Related organizations

$1,980,714
1e · Government grants (contributions)

$212,584
1f · All other contributions, gifts and grants

$1,503,972
1g · Noncash contributions included above

$11,251
2a · Program service revenue: TUITION AND FEES

total $18,615,874 · related or exempt $18,615,874
2b · Program service revenue: AUXILIARY ENTERPRISES

total $3,740,008 · related or exempt $3,740,008
2c · Program service revenue: CONFERENCE & EVENTS

total $146,243 · unrelated business $146,243
3 · Investment income

total $1,201,328 · excluded $1,201,328
4 · Income from investment of tax-exempt bond proceeds

total $0
5 · Royalties

total $0
6c · Rental income or loss

real property $0 · personal property $0
6d · Net rental income or loss

total $0
7b · Less cost or other basis and sales expenses

securities $962,513
7c · Gain or loss

securities -$962,513
7d · Net gain or loss

total -$962,513 · excluded -$962,513
8a · Fundraising events: gross income

$0
8b · Fundraising events: direct expenses

$0
8c · Net income from fundraising events

total $0
9a · Gaming: gross income

$0
9b · Gaming: direct expenses

$0
9c · Net income from gaming

total $0
10a · Gross sales of inventory

$0
10b · Cost of goods sold

$0
10c · Net income from sales of inventory

total $0
11a · Other revenue: OTHER INCOME

total $394,524 · excluded $394,524
11e · Other revenue, total

$394,524

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $0
2 · Grants to domestic individuals

total $8,913,762 · program services $8,913,762
3 · Grants to foreign organizations and individuals

total $0
4 · Benefits paid to or for members

total $0
5 · Compensation of officers, directors and key employees

total $1,381,128 · program services $577,023 · management and general $674,819 · fundraising $129,286
6 · Compensation of disqualified persons

total $0
7 · Other salaries and wages

total $7,977,879 · program services $6,235,410 · management and general $1,433,515 · fundraising $308,954
8 · Pension plan contributions

total $174,682 · program services $134,840 · management and general $33,388 · fundraising $6,454
9 · Other employee benefits

total $1,042,507 · program services $747,301 · management and general $266,409 · fundraising $28,797
10 · Payroll taxes

total $560,846 · program services $434,294 · management and general $103,635 · fundraising $22,917
11a · Fees: management

total $0
11b · Fees: legal

total $77,198 · management and general $77,198
11c · Fees: accounting

total $110,311 · management and general $110,311
11d · Fees: lobbying

total $0
11e · Fees: professional fundraising services

total $0
11f · Fees: investment management

total $117,760 · management and general $117,760
11g · Fees: other

total $2,451,824 · program services $2,050,520 · management and general $361,129 · fundraising $40,175
12 · Advertising and promotion

total $600,422 · program services $119,087 · management and general $455,071 · fundraising $26,264
13 · Office expenses

total $122,324 · program services $47,821 · management and general $71,499 · fundraising $3,004
14 · Information technology

total $866,231 · management and general $849,654 · fundraising $16,577
15 · Royalties

total $0
16 · Occupancy

total $3,592,578 · program services $3,200,027 · management and general $392,551
17 · Travel

total $358,709 · program services $353,599 · management and general $3,032 · fundraising $2,078
18 · Travel or entertainment for public officials

total $0
19 · Conferences, conventions and meetings

total $0
20 · Interest

total $510,544 · program services $445,705 · management and general $64,839
21 · Payments to affiliates

total $0
22 · Depreciation, depletion and amortization

total $1,466,252 · program services $1,280,038 · management and general $186,214
23 · Insurance

total $525,992 · management and general $525,992
24a · Other expenses: PROGRAM SUPPORT

total $2,230,871 · program services $1,354,318 · management and general $858,274 · fundraising $18,279
24b · Other expenses: OPERATION/MAINTENANCE

total $1,031,703 · program services $924,555 · management and general $107,148
24c · Other expenses: TRAINING/DEVELOPMENT

total $215,887 · program services $81,557 · management and general $130,312 · fundraising $4,018

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $7,888,512 · end of year $8,667,002
2 · Savings and temporary cash investments

beginning of year $821,246 · end of year $898,722
3 · Pledges and grants receivable

beginning of year $380,865 · end of year $360,213
4 · Accounts receivable

beginning of year $6,633,952 · end of year $2,802,233
5 · Loans and receivables from officers and key people

beginning of year $0 · end of year $0
6 · Loans and receivables from disqualified persons

beginning of year $0 · end of year $0
7 · Other notes and loans receivable

beginning of year $0 · end of year $0
8 · Inventories for sale or use

beginning of year $0 · end of year $0
9 · Prepaid expenses and deferred charges

beginning of year $0 · end of year $0
10a · Land, buildings and equipment: cost or other basis

$56,995,939
10b · Land, buildings and equipment: accumulated depreciation

$25,252,574
10c · Land, buildings and equipment, net

beginning of year $32,129,615 · end of year $31,743,365
11 · Investments: publicly traded securities

beginning of year $28,872,389 · end of year $30,272,322
12 · Investments: other securities

beginning of year $25,344 · end of year $25,344
13 · Investments: program-related

beginning of year $0 · end of year $0
14 · Intangible assets

beginning of year $0 · end of year $0
15 · Other assets

beginning of year $4,354,327 · end of year $2,323,276
17 · Accounts payable and accrued expenses

beginning of year $1,661,119 · end of year $1,842,527
18 · Grants payable

beginning of year $0 · end of year $0
19 · Deferred revenue

beginning of year $984,914 · end of year $751,356
20 · Tax-exempt bond liabilities

beginning of year $11,245,406 · end of year $0
21 · Escrow or custodial account liability

beginning of year $0 · end of year $0
22 · Loans and payables to officers and key people

beginning of year $0 · end of year $0
23 · Secured mortgages and notes payable

beginning of year $0 · end of year $11,388,217
24 · Unsecured notes and loans payable

beginning of year $0 · end of year $0
25 · Other liabilities

beginning of year $231,156 · end of year $82,999
27 · Net assets without donor restrictions

beginning of year $24,559,089 · end of year $18,766,987
28 · Net assets with donor restrictions

beginning of year $42,424,566 · end of year $44,260,391

Mission and programs · 2022

Mission

WILLIAM PEACE UNIVERSITY IS A PRIVATE FOUR-YEAR UNIVERSITY LOCATED IN DOWNTOWN RALEIGH, NORTH CAROLINA. THE MISSION OF THE UNIVERSITY IS TO PREPARE STUDENTS FOR CAREERS IN THE ORGANIZATIONS OF TOMORROW. ROOTED IN THE LIBERAL ARTS TRADITION, THE STUDENT DEVELOPS AN APPRECIATION FOR LIFE-LONG LEARNING, A FOCUS ON MEANINGFUL CAREERS, AND SKILLS FOR ETHICAL CITIZENSHIP. ON AVERAGE, OVER 95 PERCENT OF OUR GRADUATES GO ONTO JOBS OR CAREERS WITHIN A YEAR OF GRADUATION. FOR MORE INFORMATION, PLEASE VISIT WWW.PEACE.EDU.

Activities or mission (Part I)

SEE SCHEDULE O

INSTRUCTION & ACADEMIC SUPPORT: WILLIAM PEACE UNIVERSITY IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS COMMISSION ON COLLEGES (SACSCOC). THE INSTITUTION OFFERS 3 TYPES OF BACHELOR'S DEGREES IN OVER 25 MAJORS. SERVING APPROXIMATELY 800 STUDENTS, 95% OF OUR GRADUATES ARE EMPLOYED FULL-TIME OR ENTER GRADUATE SCHOOL WITHIN ONE YEAR OF GRADUATION.

Expenses $16,335,146 · Grants $8,913,762 · Revenue $18,615,874
STUDENT SERVICES & ACTIVITIES: WITH OVER 30 STUDENT CLUBS AND ORGANIZATIONS, THERE ARE PLENTY OF OPPORTUNITIES FOR A STUDENT TO GET INVOLVED AT WPU. COMMUNITY SERVICE IS ENCOURAGED AND STUDENTS EMBRACE THE CONCEPT OF GIVING BACK. STUDENT SERVICES ALSO INCLUDES HEALTH AND COUNSELING SERVICES. HEALTH SERVICES CAN PROVIDE ROUTINE TREATMENT FOR MINOR ILLNESSES AND INJURIES, WHILE MAINTAINING CONFIDENTIAL MEDICAL INFORMATION FOR STUDENTS. IT ALSO PROMOTES AWARENESS FOR HEALTH AND WELLNESS THROUGH CAMPUS EVENTS AND ACTIVITIES. THE COUNSELING CENTER PROVIDES SHORT-TERM, PROFESSIONAL COUNSELING TO STUDENTS COPING WITH THE CHALLENGES OF COLLEGE LIFE. WILLIAM PEACE UNIVERSITY OFFERS STUDENTS THE CHANCE TO PLAY AND ENJOY INTERCOLLEGIATE SPORTS. WPU IS A MEMBER OF THE U.S.A. SOUTH ATHLETIC CONFERENCE OF THE NCAA DIVISION III AND FIELDS TEAMS IN EIGHTEEN SPORTS INCLUDING BASEBALL, BASKETBALL, CROSS COUNTRY, GOLF, LACROSSE, SOCCER, SOFTBALL, SWIMMING, TENNIS, TRACK, AND VOLLEYBALL. WILLIAM PEACE UNIVERSITY ALSO OFFERS INTRAMURAL SPORTS LEAGUES FOR ALL INTEREST LEVELS.

Expenses $5,862,139
AUXILIARY ENTERPRISES: THERE ARE 6 RESIDENCE HALLS ON CAMPUS AT WILLIAM PEACE UNIVERSITY. EACH RESIDENCE HALL HAS ITS PARTICULAR STYLE AND HISTORY. RESIDENT ASSISTANTS LIVE ON EACH FLOOR, READY TO ANSWER QUESTIONS, FOSTER GROUP DISCUSSIONS, ORGANIZE ACTIVITIES AND MORE. WPU ROOMS INCLUDE WIRED AND WIRELESS INTERNET, FREE BASIC CABLE AND NO-COST LAUNDRY. ADDITIONALLY, WPU PROVIDES THE OPTION OF UNIVERSITY-AFFILIATED STUDENT HOUSING TO ALL SOPHOMORE, JUNIOR AND SENIOR STUDENTS. THESE OFF-CAMPUS APARTMENTS PROVIDE AN EXCELLENT STUDENT HOUSING COMMUNITY IN RALEIGH, WITH FOUR-BEDROOM OPTIONS TO FIT ALL LIFESTYLES. OPERATING IN THE SAME MANNER AS ON-CAMPUS HOUSING, VILLAGE GREEN AT RALEIGH APARTMENTS HAVE WILLIAM PEACE UNIVERSITY RESIDENT STAFF LIVING ON-SITE. THE NEWLY RENOVATED BELK DINING HALL OFFERS TASTY, NUTRITIONAL FOOD OPTIONS, INCLUDING A SALAD BAR, DELI, COOKED-TO-ORDER EXPO STATION AND A VARIETY OF DAILY COOKED MEALS. PEACE PERK, THE ON-CAMPUS COFFEE SHOP, OFFERS STARBUCKS COFFEE, SANDWICHES, SNACKS AND A PLACE TO HANG OUT. THE WPU BOOKSTORE IS THE BEST PLACE TO FIND PACER GEAR.

Expenses $4,702,572 · Revenue $3,740,008

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

DR BRIAN C RALPH

UNIVERSITY PRESIDENT

Total calculated

$383,559

From this org

$360,876

From related orgs

$0

Other

$22,683

Hours/week

50 + 2 related

Schedule J breakdown matched by us

Base

$360,876

Bonus

$0

Other

$0

Deferred

$8,663

Nontaxable benefits

$14,020

Filer's total

$383,559
GEORGE A YEARWOOD

VP FOR ADMINISTRATION & CFO

Total calculated

$168,246

From this org

$146,966

From related orgs

$0

Other

$21,280

Hours/week

50 + 2 related

Schedule J breakdown matched by us

Base

$146,966

Bonus

$0

Other

$0

Deferred

$4,746

Nontaxable benefits

$16,534

Filer's total

$168,246
COLLEEN MURPHY

VP FOR ENROLLMENT & MARKETING

Total calculated

$167,739

From this org

$156,634

From related orgs

$0

Other

$11,105

Hours/week

40

Schedule J breakdown matched by us

Base

$156,634

Bonus

$0

Other

$0

Deferred

$4,233

Nontaxable benefits

$6,872

Filer's total

$167,739
FRANK P RIZZO

VP FOR STUDENT LIFE

Total calculated

$149,533

From this org

$127,527

From related orgs

$0

Other

$22,006

Hours/week

40
CHARLES S DUNCAN

VP FOR ACADEMIC AFFAIRS

Total calculated

$124,368

From this org

$116,719

From related orgs

$0

Other

$7,649

Hours/week

40
DARRYL D MCGRAW

DIRECTOR OF IT

Total calculated

$117,625

From this org

$105,761

From related orgs

$0

Other

$11,864

Hours/week

40
KATHY P LAMBERT

CHIEF HUMAN RESOURCES OFFICER

Total calculated

$111,588

From this org

$107,177

From related orgs

$0

Other

$4,411

Hours/week

40
BELINDA J BURKE

VP FOR ADMINISTATION & CFO

Total calculated

$88,476

From this org

$83,539

From related orgs

$0

Other

$4,937

Hours/week

50 + 2 related
BILLIE REDMOND

CHAIR

Total calculated

$0

Hours/week

4 + 1 related
ALYSON GORDON

VICE CHAIR

Total calculated

$0

Hours/week

5
STUART PHOENIX

TREASURER

Total calculated

$0

Hours/week

2
ROB WOOD

SECRETARY

Total calculated

$0

Hours/week

5
KAREN ALBRITTON

BOARD MEMBER

Total calculated

$0

Hours/week

2
ELENA ASHBURN

BOARD MEMBER

Total calculated

$0

Hours/week

2
CARLOS ARIAS FERNANDEZ

BOARD MEMBER

Total calculated

$0

Hours/week

2
MARY-ANN BALDWIN

BOARD MEMBER

Total calculated

$0

Hours/week

2
LAURA BUNN

BOARD MEMBER

Total calculated

$0

Hours/week

2
JASON COOPER

BOARD MEMBER

Total calculated

$0

Hours/week

2 + 1 related
LYNN ERDMAN

BOARD MEMBER

Total calculated

$0

Hours/week

2
KACIE F FORE

BOARD MEMBER

Total calculated

$0

Hours/week

2
KELLY GAINES

BOARD MEMBER

Total calculated

$0

Hours/week

2
JENNINGS GLENN

BOARD MEMBER

Total calculated

$0

Hours/week

2
KIM KITCHINGS

BOARD MEMBER

Total calculated

$0

Hours/week

2
DURON LEE

BOARD MEMBER

Total calculated

$0

Hours/week

2
REV DR EDWARD A MCLEOD JR

BOARD MEMBER

Total calculated

$0

Hours/week

2
BILL MCLAURIN

BOARD MEMBER

Total calculated

$0

Hours/week

2
LYNN MANESS

BOARD MEMBER

Total calculated

$0

Hours/week

2
MARK PACCIONE

BOARD MEMBER

Total calculated

$0

Hours/week

2
TONY PARHAM

BOARD MEMBER

Total calculated

$0

Hours/week

2
KRISTY SMITH MALLARD

BOARD MEMBER

Total calculated

$0

Hours/week

2
GEORGE STANZIALE JR

BOARD MEMBER

Total calculated

$0

Hours/week

2
JACQUELINE WHITTENBURG

BOARD MEMBER

Total calculated

$0

Hours/week

2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

1a · Housing allowance or residence for personal use
1b · Written policy on the line-1a expenses
2 · Substantiation required before reimbursing expenses
3 · Independent compensation consultant
3 · Written employment contract
3 · Approval by the board or compensation committee

Answered no

4a · Severance or change-of-control payment
4b · Supplemental nonqualified retirement plan
4c · Equity-based compensation arrangement
5a · Pay contingent on this organization's revenues
5b · Pay contingent on a related organization's revenues
6a · Pay contingent on this organization's net earnings
6b · Pay contingent on a related organization's net earnings
7 · Other non-fixed payments
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A:: AS PROVIDED FOR IN HIS CONTRACT, THE PRESIDENT RECEIVES A HOUSING ALLOWANCE IN LIEU OF A RESIDENCE OWNED BY THE UNIVERSITY. THIS IS TREATED AS TAXABLE COMPENSATION TO THE PRESIDENT.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

William Peace University Foundation

501(C)(3) · SUPPORT · NC · controlled entity

Directly controlled by WPU

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

PEACE UNIVERSITY PROPERTIES LLC

REAL ESTATE · NC · income $0 · assets $3,585,827

Directly controlled by WPU

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

WPU & FDN ENDOWMENT INVSTMNT

INVESTMENT · INVESTMENT · NC · 84.659% owned · share of income $30,565 · share of assets $37,161,167

Directly controlled by NA

Provenance

Return type: form_990
Tax year: 2022
Filed: 14 May 2024
IRS schema version: 2022v5.0
Source object: 202441359349308944

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