Form 990 for tax year 2023

Filed by UNIVERSITY OF TOCCOA FALLS INC.

Totals

Total revenue: $28,386,725
Total expenses: $24,186,323
Contributions and grants received: $1,406,960
Grants paid: $5,293,396
Program service revenue: $26,139,395
Investment income: $642,101
Other revenue: $198,269
Total assets, end of year: $41,549,319
Total liabilities, end of year: $2,574,356
Net assets or fund balances, end of year: $38,974,963
Program services expenses (Part IX): $20,973,741
Management and general expenses: $2,735,583
Fundraising expenses: $476,999
Program service expenses (Part III): $20,973,741

Program services were 86.7% 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)

$286,155
1f · All other contributions, gifts and grants

$1,120,805
2a · Program service revenue: Tuition & Fees

total $21,442,820 · related or exempt $21,442,820
2b · Program service revenue: Auxiliary

total $4,401,095 · related or exempt $4,225,008 · unrelated business $176,087
2c · Program service revenue: Conferences

total $295,480 · related or exempt $295,480
2f · All other program service revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
3 · Investment income

total $532,655 · excluded $532,655
6a · Gross rents

real property $206,669 · personal property $21,657
6b · Less rental expenses

real property $202,251 · personal property $3,194
6c · Rental income or loss

real property $4,418 · personal property $18,463
6d · Net rental income or loss

total $22,881 · unrelated business $22,881
7a · Gross sales of assets other than inventory

securities $1,298,495 · other assets $1,000
7b · Less cost or other basis and sales expenses

securities $1,163,903 · other assets $26,146
7c · Gain or loss

securities $134,592 · other assets -$25,146
7d · Net gain or loss

total $109,446 · excluded $109,446
11a · Other revenue: Other Income

total $175,388 · related or exempt $175,388
11d · All other revenue

total $0 · related or exempt $0 · unrelated business $0 · excluded $0
11e · Other revenue, total

$175,388

Functional expenses

Part IX, the statement of functional expenses.

2 · Grants to domestic individuals

total $5,293,396 · program services $5,293,396
5 · Compensation of officers, directors and key employees

total $621,376 · program services $151,884 · management and general $469,492
6 · Compensation of disqualified persons

total $16,605 · program services $16,605
7 · Other salaries and wages

total $7,837,253 · program services $7,113,237 · management and general $542,705 · fundraising $181,311
8 · Pension plan contributions

total $163,162 · program services $148,493 · management and general $9,542 · fundraising $5,127
9 · Other employee benefits

total $1,547,838 · program services $1,324,897 · management and general $183,894 · fundraising $39,047
10 · Payroll taxes

total $571,666 · program services $514,499 · management and general $40,017 · fundraising $17,150
11b · Fees: legal

total $22,741 · management and general $22,741
11c · Fees: accounting

total $72,318 · management and general $72,318
11e · Fees: professional fundraising services

total $17,666 · fundraising $17,666
11g · Fees: other

total $286,004 · program services $176,555 · management and general $72,386 · fundraising $37,063
12 · Advertising and promotion

total $252,047 · program services $200,779 · fundraising $51,268
13 · Office expenses

total $690,146 · program services $318,694 · management and general $317,244 · fundraising $54,208
14 · Information technology

total $701,660 · program services $350,830 · management and general $350,830
16 · Occupancy

total $515,349 · program services $473,761 · management and general $35,535 · fundraising $6,053
17 · Travel

total $465,220 · program services $442,435 · management and general $18,418 · fundraising $4,367
20 · Interest

total $33,029 · program services $30,647 · management and general $2,108 · fundraising $274
22 · Depreciation, depletion and amortization

total $756,304 · program services $688,796 · management and general $61,417 · fundraising $6,091
23 · Insurance

total $265,314 · program services $37,439 · management and general $227,875
24a · Other expenses: Campus Food Service

total $1,580,106 · program services $1,580,106
24b · Other expenses: Deferred Maintenance

total $1,071,832 · program services $994,535 · management and general $68,402 · fundraising $8,895
24c · Other expenses: Repairs and Maintenance

total $409,821 · program services $358,083 · management and general $49,608 · fundraising $2,130
24d · Other expenses: Other Operating Expenses

total $995,470 · program services $758,070 · management and general $191,051 · fundraising $46,349
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 $12,228
2 · Savings and temporary cash investments

beginning of year $15,591,717 · end of year $13,819,148
4 · Accounts receivable

beginning of year $436,376 · end of year $914,071
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 $45,841 · end of year $38,178
8 · Inventories for sale or use

beginning of year $122,704 · end of year $136,700
9 · Prepaid expenses and deferred charges

beginning of year $405,791 · end of year $683,345
10a · Land, buildings and equipment: cost or other basis

$36,070,388
10b · Land, buildings and equipment: accumulated depreciation

$16,964,113
10c · Land, buildings and equipment, net

beginning of year $15,532,953 · end of year $19,106,275
11 · Investments: publicly traded securities

beginning of year $5,976,961 · end of year $6,717,491
12 · Investments: other securities

beginning of year $3,402 · end of year $6,969
13 · Investments: program-related

beginning of year $0
15 · Other assets

beginning of year $121,641 · end of year $127,142
17 · Accounts payable and accrued expenses

beginning of year $1,121,644 · end of year $1,000,681
19 · Deferred revenue

beginning of year $130,898
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 $1,970,952 · end of year $994,778
25 · Other liabilities

beginning of year $380,498 · end of year $578,897
27 · Net assets without donor restrictions

beginning of year $26,513,167 · end of year $30,720,453
28 · Net assets with donor restrictions

beginning of year $8,132,455 · end of year $8,254,510

Mission and programs · 2023

Mission

The mission of Toccoa Falls College is to glorify God through seeking and developing Christian servant leaders who will impact their world with the love and message of Jesus Christ.

Activities or mission (Part I)

Christian undergraduate and graduate education with residential & non-residential offerings.

Toccoa Falls College offers undergraduate programs in 29 majors and 48 minors to approximately 2,600 residential, commuter, and online students, as well as four graduate programs. The College provides the campus community with food services, residential housing, and a college gift shop. Also, Toccoa Falls College offers student counseling, student activities and student government, intramural recreation, and various other student experiences as co-curricular to their academic experience.

Expenses $20,973,741 · Grants $5,293,396 · Revenue $26,138,696

As filed on the 2023 return.

Listed in Part VII

Janet Webb

Chairwoman

Total calculated

$0

Hours/week

3
Jeffery Norris

Vice Chairman

Total calculated

$0

Hours/week

1
Paul N Rumery

Trustee/Secretary

Total calculated

$0

Hours/week

2
C David Markle

Trustee

Total calculated

$0

Hours/week

1
David L Austin

Trustee

Total calculated

$0

Hours/week

1
Floyd Wheeler

Trustee

Total calculated

$0

Hours/week

1
George Woerner

Trustee

Total calculated

$0

Hours/week

1
Mark Herndon

Trustee

Total calculated

$0

Hours/week

1
Ron Cantrell

Trustee

Total calculated

$0

Hours/week

1
W Randolph Shirley

Trustee

Total calculated

$0

Hours/week

1
Dee Mooney

VP for Finance

Total calculated

$171,695

From this org

$139,576

From related orgs

$0

Other

$32,119

Hours/week

40

Schedule J breakdown matched by us

Base

$133,990

Bonus

$5,586

Other

$0

Deferred

$7,018

Nontaxable benefits

$25,101

Filer's total

$171,695
Kieran Clements

VP of Academic Affairs

Total calculated

$150,649

From this org

$118,799

From related orgs

$0

Other

$31,850

Hours/week

40

Schedule J breakdown matched by us

Base

$110,441

Bonus

$4,325

Other

$4,033

Deferred

$5,444

Nontaxable benefits

$26,406

Filer's total

$150,649
Robert Myers

President

Total calculated

$325,689

From this org

$279,273

From related orgs

$0

Other

$46,416

Hours/week

40

Schedule J breakdown matched by us

Base

$257,486

Bonus

$17,064

Other

$4,723

Deferred

$13,143

Nontaxable benefits

$33,273

Filer's total

$325,689

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 · Compensation survey or study
3 · Approval by the board or compensation committee
7 · Other non-fixed payments

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
8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Housing allowance or residence for personal use: Robert Myers, President, receives a housing expense reimbursement. This is approved by the board of trustees and treated as taxable compensation.
Schedule J, Part I, Line 7 Non-fixed payments: The independent board of trustees approved a discretionary bonus of 4% of base compensation to all employees.

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: 25 October 2024
IRS schema version: 2023v5.1
Source object: 202402999349301510

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