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Nonprofiteer
← LUTHER RICE UNIVERSITY INC

Form 990 for tax year 2023

Filed by LUTHER RICE UNIVERSITY INC.

Totals

Total revenue
$4,303,758
Total expenses
$4,235,912
Contributions and grants received
$313,758
Grants paid
$265,759
Program service revenue
$3,652,025
Investment income
$329,810
Other revenue
$8,165
Total assets, end of year
$8,344,114
Total liabilities, end of year
$939,549
Net assets or fund balances, end of year
$7,404,565
Program services expenses (Part IX)
$3,095,231
Management and general expenses
$1,070,683
Fundraising expenses
$69,998
Program service expenses (Part III)
$2,829,472

Program services were 73.1% 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.

  • 1e · Government grants (contributions)

    $40,851

  • 1f · All other contributions, gifts and grants

    $272,907

  • 1g · Noncash contributions included above

    $778

  • 2a · Program service revenue: Tuition and Fees

    total $3,652,025 · related or exempt $3,652,025

  • 3 · Investment income

    total $329,753 · related or exempt $329,753

  • 7a · Gross sales of assets other than inventory

    other assets $57

  • 7c · Gain or loss

    other assets $57

  • 7d · Net gain or loss

    total $57 · related or exempt $57

  • 11a · Other revenue: Other Income

    total $8,165 · related or exempt $8,165

  • 11e · Other revenue, total

    $8,165

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $196,209 · program services $196,209

  • 3 · Grants to foreign organizations and individuals

    total $69,550 · program services $69,550

  • 5 · Compensation of officers, directors and key employees

    total $473,070 · program services $101,504 · management and general $341,760 · fundraising $29,806

  • 7 · Other salaries and wages

    total $1,893,560 · program services $1,752,284 · management and general $116,023 · fundraising $25,253

  • 9 · Other employee benefits

    total $142,755 · program services $126,433 · management and general $14,627 · fundraising $1,695

  • 10 · Payroll taxes

    total $105,685 · program services $80,788 · management and general $23,151 · fundraising $1,746

  • 11b · Fees: legal

    total $2,500 · management and general $2,500

  • 11c · Fees: accounting

    total $44,373 · management and general $44,373

  • 11d · Fees: lobbying

    total $70 · management and general $70

  • 11g · Fees: other

    total $126,887 · program services $23,410 · management and general $103,477

  • 12 · Advertising and promotion

    total $170,410 · management and general $170,410

  • 13 · Office expenses

    total $8,817 · program services $7,783 · management and general $1,019 · fundraising $15

  • 14 · Information technology

    total $205,982 · program services $185,384 · management and general $14,419 · fundraising $6,179

  • 16 · Occupancy

    total $122,999 · program services $114,389 · management and general $8,610

  • 17 · Travel

    total $21,730 · program services $9,679 · management and general $12,051

  • 19 · Conferences, conventions and meetings

    total $8,345 · program services $3,305 · management and general $5,023 · fundraising $17

  • 20 · Interest

    total $1,310 · management and general $1,310

  • 22 · Depreciation, depletion and amortization

    total $236,520 · program services $219,964 · management and general $16,556

  • 23 · Insurance

    total $14,128 · program services $1,182 · management and general $12,907 · fundraising $39

  • 24a · Other expenses: Repairs and Maintenance

    total $37,159 · program services $34,558 · management and general $2,601

  • 24b · Other expenses: Student Bad Debts

    total $53,168 · management and general $53,168

  • 24c · Other expenses: Merchant Fees

    total $40,497 · management and general $40,497

  • 24e · All other expenses

    total $260,188 · program services $168,809 · management and general $86,131 · fundraising $5,248

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $878,812 · end of year $823,053

  • 4 · Accounts receivable

    beginning of year $118,637 · end of year $143,871

  • 9 · Prepaid expenses and deferred charges

    beginning of year $184,205 · end of year $175,649

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

    $5,155,156

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

    $4,161,949

  • 10c · Land, buildings and equipment, net

    beginning of year $1,165,770 · end of year $993,207

  • 11 · Investments: publicly traded securities

    beginning of year $4,651,370 · end of year $4,842,042

  • 12 · Investments: other securities

    beginning of year $40,057 · end of year $31,475

  • 15 · Other assets

    beginning of year $1,240,689 · end of year $1,334,817

  • 17 · Accounts payable and accrued expenses

    beginning of year $181,784 · end of year $182,398

  • 19 · Deferred revenue

    beginning of year $571,776 · end of year $583,205

  • 25 · Other liabilities

    beginning of year $189,261 · end of year $173,946

  • 27 · Net assets without donor restrictions

    beginning of year $6,032,518 · end of year $6,036,091

  • 28 · Net assets with donor restrictions

    beginning of year $1,304,201 · end of year $1,368,474

Mission and programs · 2023

Mission

The mission of Luther Rice College & Seminary is to serve the church and community by providing biblically based on-campus and distance education to Christian men and women for ministry and the marketplace with an end to granting undergraduate and graduate degrees.

  • Instruction

    Expenses $1,609,837

  • Academic Support

    Expenses $622,212

  • Student Services

    Expenses $597,423

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Steven Steinhilber

    President

    Total calculated
    $146,265
    From this org
    $91,843
    From related orgs
    $0
    Other
    $54,422
    Hours/week
    40

  • Ken Stokes

    V P for Information Technol

    Total calculated
    $112,500
    From this org
    $106,076
    From related orgs
    $0
    Other
    $6,424
    Hours/week
    40

  • Evan Posey

    Executive V P and Provost

    Total calculated
    $107,366
    From this org
    $101,026
    From related orgs
    $0
    Other
    $6,340
    Hours/week
    40

  • Kenneth Kuffrey

    V P for Financial Affairs

    Total calculated
    $94,990
    From this org
    $86,944
    From related orgs
    $0
    Other
    $8,046
    Hours/week
    40

  • Mark Riser

    Former Trustee

    Total calculated
    $100
    From this org
    $100
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    $100
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $100

  • Robert Williams

    Trustee

    Total calculated
    $50
    From this org
    $50
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Houck

    Trustee

    Total calculated
    $50
    From this org
    $50
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gary Jarnagin

    Former Trustee

    Total calculated
    $50
    From this org
    $50
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lou Souders

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Brent Purvis

    Former Trustee

    Total calculated
    $0
    Hours/week
    1

  • Tom Powell

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Daryl Edwards

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Deborah Wilson

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Pete Rockett

    Trustee

    Total calculated
    $0
    Hours/week
    1

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

None.

Answered no

  • 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)

General Explanation Attachment
A $100 gift card was given to Mark Riser (Board of Trustees member; 2022-2023)

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.

Provenance

Return type
form_990
Tax year
2023
Filed
11 November 2024
IRS schema version
2023v5.1
Source object
202413169349302631

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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