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Nonprofiteer
← OLIVET UNIVERSITY

Form 990 for tax year 2022

Filed by OLIVET UNIVERSITY.

Totals

Total revenue
$14,579,769
Total expenses
$14,698,300
Contributions and grants received
$14,165,758
Grants paid
$358,245
Program service revenue
$414,011
Investment income
$0
Other revenue
$0
Total assets, end of year
$85,017,014
Total liabilities, end of year
$23,934,603
Net assets or fund balances, end of year
$61,082,411
Program services expenses (Part IX)
$10,492,652
Management and general expenses
$4,052,373
Fundraising expenses
$153,275
Program service expenses (Part III)
$10,492,652

Program services were 71.4% 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.

  • 1e · Government grants (contributions)

    $1,415,074

  • 1f · All other contributions, gifts and grants

    $12,750,684

  • 2a · Program service revenue: Tuition and fees

    total $82,636 · related or exempt $82,636

  • 2b · Program service revenue: Other activity

    total $331,375 · related or exempt $331,375

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $358,245 · program services $358,245

  • 5 · Compensation of officers, directors and key employees

    total $104,928 · program services $104,928

  • 7 · Other salaries and wages

    total $3,758,236 · program services $2,648,986 · management and general $996,800 · fundraising $112,450

  • 10 · Payroll taxes

    total $102,524 · program services $102,524

  • 11a · Fees: management

    total $423,116 · program services $423,116

  • 11b · Fees: legal

    total $1,066,176 · program services $1,066,176

  • 11c · Fees: accounting

    total $77,774 · program services $77,774

  • 11g · Fees: other

    total $1,155,669 · program services $696,655 · management and general $459,014

  • 12 · Advertising and promotion

    total $342 · management and general $342

  • 13 · Office expenses

    total $105,248 · program services $20,733 · management and general $84,515

  • 16 · Occupancy

    total $3,806,964 · program services $2,906,376 · management and general $900,588

  • 17 · Travel

    total $294,321 · program services $144,794 · management and general $108,702 · fundraising $40,825

  • 20 · Interest

    total $2,158,112 · program services $1,106,057 · management and general $1,052,055

  • 22 · Depreciation, depletion and amortization

    total $1,000,204 · program services $699,531 · management and general $300,673

  • 23 · Insurance

    total $120,267 · program services $36,866 · management and general $83,401

  • 24a · Other expenses: Write off receivables

    total $17,450 · management and general $17,450

  • 24b · Other expenses: Supplies

    total $116,710 · program services $71,066 · management and general $45,644

  • 24c · Other expenses: IT Equipment Lease

    total $32,014 · program services $28,825 · management and general $3,189

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,271,381 · end of year $1,342,149

  • 2 · Savings and temporary cash investments

    beginning of year $11,789

  • 3 · Pledges and grants receivable

    beginning of year $11,919,383 · end of year $13,616,980

  • 4 · Accounts receivable

    beginning of year $5,336,724 · end of year $5,175,869

  • 7 · Other notes and loans receivable

    beginning of year $4,867,674 · end of year $3,341,843

  • 9 · Prepaid expenses and deferred charges

    beginning of year $89,627 · end of year $210,324

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

    $96,085,469

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

    $38,147,755

  • 10c · Land, buildings and equipment, net

    beginning of year $56,530,339 · end of year $57,937,714

  • 15 · Other assets

    beginning of year $506,949 · end of year $3,392,135

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,697,104 · end of year $3,000,823

  • 22 · Loans and payables to officers and key people

    end of year $825,987

  • 23 · Secured mortgages and notes payable

    beginning of year $9,685,213 · end of year $8,559,074

  • 25 · Other liabilities

    beginning of year $6,964,143 · end of year $11,548,719

  • 27 · Net assets without donor restrictions

    beginning of year $48,268,023 · end of year $47,622,124

  • 28 · Net assets with donor restrictions

    beginning of year $11,919,383 · end of year $13,460,287

Mission and programs · 2022

Mission

Providing guality Christian education to the network generation

  • Trained numerous Christian students for the mission field

    Expenses $10,492,652 · Grants $358,245 · Revenue $82,636

As filed on the 2022 return.

Listed in Part VII

  • Matthias Gebhardt

    President

    Total calculated
    $68,928
    From this org
    $68,928
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Daehong Jung

    CFO

    Total calculated
    $36,000
    From this org
    $36,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Seonho Song

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Amanda Garcia

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Ginturn Tran

    Chairman

    Total calculated
    $0
    Hours/week
    2

  • Brian Kim

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Winnie Wong

    Secretary

    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.

Grants on this return

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.

  • Dover Greens LLC

    Managing campus properties · DE · income $2,064,823

    Directly controlled by Olivet University

  • 4 Temby Drive LLC

    Managing housing properties · NY

    Directly controlled by Olivet University

  • Christian Servicing LLC

    Bill paying functions · NY

    Directly controlled by Olivet University

  • Rock Solid Service LLC

    Bill paying functions · CA · income $1,237,890

    Directly controlled by Olivet University

  • San Francisco Campus Management and

    Bill paying functions · WY · income $1,404,921

    Directly controlled by Olivet University

  • Missouri Campus Management LLC

    Bill paying functions · MO · income $201,029

    Directly controlled by Olivet University

  • Dover Wingdale Properties LLC

    Not yet determined · DE

    Directly controlled by Olivet University

Provenance

Return type
form_990
Tax year
2022
Filed
10 June 2024
IRS schema version
2022v5.0
Source object
202441629349301524

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