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← LETOURNEAU UNIVERSITY FOUNDATION

Form 990 for tax year 2023

Filed by LETOURNEAU UNIVERSITY FOUNDATION.

Totals

Total revenue
$2,402,098
Total expenses
$978,804
Contributions and grants received
$4,740
Grants paid
$50,000
Program service revenue
$301,178
Investment income
$2,095,879
Other revenue
$301
Total assets, end of year
$65,798,391
Total liabilities, end of year
$23,383,993
Net assets or fund balances, end of year
$42,414,398
Program services expenses (Part IX)
$50,000
Management and general expenses
$917,711
Fundraising expenses
$11,093
Program service expenses (Part III)
$50,000

Program services were 5.1% 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.

  • 1f · All other contributions, gifts and grants

    $4,740

  • 2a · Program service revenue: ENDOWMENT MANAGEMENT FEE REVENUE

    total $301,178 · related or exempt $301,178

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,651,074 · excluded $1,651,074

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $2,741,482

  • 7b · Less cost or other basis and sales expenses

    securities $2,293,537 · other assets $3,140

  • 7c · Gain or loss

    securities $447,945 · other assets -$3,140

  • 7d · Net gain or loss

    total $444,805 · excluded $444,805

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $301 · related or exempt $301

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $301

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $50,000 · program services $50,000

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $172,371 · management and general $172,371

  • 7 · Other salaries and wages

    total $85,583 · management and general $85,583

  • 9 · Other employee benefits

    total $16,523 · management and general $16,523

  • 10 · Payroll taxes

    total $17,620 · management and general $17,620

  • 11b · Fees: legal

    total $15,051 · management and general $15,051

  • 11c · Fees: accounting

    total $3,800 · management and general $3,800

  • 11f · Fees: investment management

    total $439,736 · management and general $439,736

  • 11g · Fees: other

    total $128,990 · program services $0 · management and general $128,990 · fundraising $0

  • 12 · Advertising and promotion

    total $3,057 · management and general $3,057

  • 13 · Office expenses

    total $15,454 · management and general $15,454

  • 16 · Occupancy

    total $9,270 · management and general $9,270

  • 17 · Travel

    total $11,093 · fundraising $11,093

  • 22 · Depreciation, depletion and amortization

    total $10,256 · management and general $10,256

  • 24e · All other expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $26,239 · end of year $124,325

  • 4 · Accounts receivable

    beginning of year $80,088 · end of year $76,975

  • 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

  • 10a · Land, buildings and equipment: cost or other basis

    $39,102

  • 10b · Land, buildings and equipment: accumulated depreciation

    $26,068

  • 10c · Land, buildings and equipment, net

    beginning of year $43,930 · end of year $13,034

  • 11 · Investments: publicly traded securities

    beginning of year $33,936,036 · end of year $65,584,057

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,804 · end of year $22,666,979

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $2,783,013 · end of year $717,014

  • 27 · Net assets without donor restrictions

    beginning of year $25,019,655 · end of year $35,422,294

  • 28 · Net assets with donor restrictions

    beginning of year $6,261,821 · end of year $6,992,104

Mission and programs · 2023

Mission

UTILIZING A PROFESSIONAL, BIBLICALLY INFORMED APPROACH WE SERVE AS A GUIDE TO CAREFULLY DESIGNED ESTATE AND LEGACY PLANS THAT IN THEIR CONVEYED CHARITABLE INTENT EXPRESSLY BENEFIT LETOURNEAU UNIVERSITY IN ITS WORK OF RAISING UP MEN AND WOMEN WHO SEE THEIR LIFE'S WORK AS A HOLY CALLING, MAKING MISSION FIELDS OF EVERY WORKPLACE IN EVERY NATION.

Activities or mission (Part I)

TO SUPPORT LETOURNEAU UNIVERSITY

  • IN FULFILLMENT OF OUR MISSION, WE HAVE ENGAGED NUMEROUS LETOURNEAU UNIVERSITY ALUMNI AND CONSTITUENCY, AND ASSISTED THEM IN THE COMPLETION OF THEIR LEGACY PLANNING. IN SERVICE TO THEIR STATED WISHES IN THOSE ESTATE AND LEGACY PLANS, WE HAVE THEN CONSULTATIVELY ARRIVED AT LEGACY GIFT DESIGNS THAT INURE TO THE BENEFIT OF LETOURNEAU UNIVERSITY - SOME THROUGH OUTRIGHT TESTAMENTARY BEQUESTS; OTHERS BY MEANS OF THE REMAINDER INTEREST FOR THE UNIVERSITY IN CHARITABLE SPLIT INTEREST IRREVOCABLE TRUSTS.

    Expenses $50,000 · Grants $50,000 · Revenue $301,479

As filed on the 2023 return.

Listed in Part VII

  • Bob Walker

    BOARD VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Daniel Difrancesco

    BOARD CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Jim Mauldin

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Thomas E Bevan

    PRESIDENT (CEO)

    Total calculated
    $172,371
    From this org
    $147,500
    From related orgs
    $0
    Other
    $24,871
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $147,500
    Bonus
    $0
    Other
    $0
    Deferred
    $24,871
    Nontaxable benefits
    $0
    Filer's total
    $172,371

  • Dr Steven Mason

    PRESIDENT, LETOURNEAU UNIV.

    Total calculated
    $372,676
    From this org
    $0
    From related orgs
    $348,065
    Other
    $24,611
    Hours/week
    1 + 59 related

    Schedule J breakdown matched by us

    Base
    $0 + $348,065 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $16,051 related
    Nontaxable benefits
    $0 + $8,560 related
    Filer's total
    $0 + $372,676 related

  • John Ross

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Kenneth Moore

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Larry Mercer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Roger Kieffer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 3 related

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

  • 3 · Compensation survey or study
  • 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

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

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CHARITABLE REMAINDER TRUSTS (4)

    Trust · CHARITABLE TR · TX

  • RG RESEARCH AND DEVELOPMENT INC

    C Corporation · SUPPORT · TX · controlled entity

    Directly controlled by LETU

Provenance

Return type
form_990
Tax year
2023
Filed
8 May 2025
IRS schema version
2023v6.0
Source object
202501289349304300

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