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Nonprofiteer
← WELCH COLLEGE

Form 990 for tax year 2023

Filed by WELCH COLLEGE.

Totals

Total revenue
$10,593,286
Total expenses
$9,940,128
Contributions and grants received
$4,702,460
Grants paid
$2,078,623
Program service revenue
$5,454,919
Investment income
$382,619
Other revenue
$53,288
Total assets, end of year
$40,318,191
Total liabilities, end of year
$18,525,742
Net assets or fund balances, end of year
$21,792,449
Program services expenses (Part IX)
$8,127,733
Management and general expenses
$1,399,077
Fundraising expenses
$413,318
Program service expenses (Part III)
$8,127,733

Program services were 81.8% 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.

  • 1c · Fundraising events

    $107,996

  • 1e · Government grants (contributions)

    $11,427

  • 1f · All other contributions, gifts and grants

    $4,583,037

  • 2a · Program service revenue: TUITION AND FEES

    total $4,219,503 · related or exempt $4,219,503

  • 2b · Program service revenue: DINING HALL

    total $682,642 · related or exempt $682,642

  • 2c · Program service revenue: DORMITORY

    total $460,172 · related or exempt $460,172

  • 2d · Program service revenue: OTHER PROGRAM SERVICES

    total $48,356 · related or exempt $48,356

  • 2e · Program service revenue: SNACKSHOP AND BOOKSTORE

    total $44,246 · related or exempt $44,246

  • 3 · Investment income

    total $383,089 · excluded $383,089

  • 7a · Gross sales of assets other than inventory

    other assets $30,185

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

    other assets $30,655

  • 7c · Gain or loss

    other assets -$470

  • 7d · Net gain or loss

    total -$470 · excluded -$470

  • 8a · Fundraising events: gross income

    $11,739

  • 8a · Fundraising events: contributions included on line 1c

    $107,996

  • 8b · Fundraising events: direct expenses

    $11,912

  • 8c · Net income from fundraising events

    total -$173 · excluded -$173

  • 11a · Other revenue: OTHER INCOME

    total $53,461 · related or exempt $53,461

  • 11e · Other revenue, total

    $53,461

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $2,078,623 · program services $2,078,623

  • 7 · Other salaries and wages

    total $2,708,241 · program services $1,946,831 · management and general $516,362 · fundraising $245,048

  • 9 · Other employee benefits

    total $737,096 · program services $737,096

  • 10 · Payroll taxes

    total $8,475 · program services $2,980 · management and general $5,495

  • 11b · Fees: legal

    total $19,517 · program services $9,517 · management and general $10,000

  • 11c · Fees: accounting

    total $47,200 · program services $47,200

  • 11g · Fees: other

    total $46,192 · program services $45,600 · fundraising $592

  • 12 · Advertising and promotion

    total $94,522 · program services $81,425 · fundraising $13,097

  • 16 · Occupancy

    total $616,639 · program services $616,039 · management and general $600

  • 17 · Travel

    total $409,005 · program services $247,222 · management and general $59,616 · fundraising $102,167

  • 20 · Interest

    total $908,563 · program services $908,563

  • 22 · Depreciation, depletion and amortization

    total $691,544 · program services $691,544

  • 23 · Insurance

    total $109,921 · program services $109,921

  • 24a · Other expenses: FOOD SERVICE

    total $410,290 · management and general $410,290

  • 24b · Other expenses: OFFICE EXPENSES

    total $260,971 · program services $102,583 · management and general $120,129 · fundraising $38,259

  • 24c · Other expenses: LEASE COSTS

    total $214,000 · management and general $214,000

  • 24d · Other expenses: INFORMATION TECH

    total $165,905 · program services $165,905

  • 24e · All other expenses

    total $413,424 · program services $336,684 · management and general $62,585 · fundraising $14,155

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $408,822 · end of year $233,493

  • 2 · Savings and temporary cash investments

    beginning of year $447,277 · end of year $282,205

  • 3 · Pledges and grants receivable

    beginning of year $200,564 · end of year $1,006,275

  • 4 · Accounts receivable

    beginning of year $27,693 · end of year $33,027

  • 7 · Other notes and loans receivable

    beginning of year $2,800,000 · end of year $3,855,080

  • 8 · Inventories for sale or use

    beginning of year $3,924 · end of year $4,980

  • 9 · Prepaid expenses and deferred charges

    beginning of year $117,863 · end of year $82,462

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

    $36,700,853

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

    $6,990,909

  • 10c · Land, buildings and equipment, net

    beginning of year $30,303,944 · end of year $29,709,944

  • 11 · Investments: publicly traded securities

    beginning of year $1,625,493 · end of year $1,676,689

  • 12 · Investments: other securities

    beginning of year $2,226,996 · end of year $2,284,013

  • 13 · Investments: program-related

    beginning of year $1,067,607 · end of year $1,067,607

  • 15 · Other assets

    beginning of year $58,000 · end of year $82,416

  • 17 · Accounts payable and accrued expenses

    beginning of year $592,377 · end of year $552,986

  • 19 · Deferred revenue

    beginning of year $70,049 · end of year $43,680

  • 23 · Secured mortgages and notes payable

    beginning of year $17,372,297 · end of year $17,755,758

  • 25 · Other liabilities

    beginning of year $176,731 · end of year $173,318

  • 27 · Net assets without donor restrictions

    beginning of year $15,708,676 · end of year $15,267,746

  • 28 · Net assets with donor restrictions

    beginning of year $5,368,053 · end of year $6,524,703

Mission and programs · 2023

Mission

WELCH COLLEGE IS A CHRISTIAN HIGHER EDUCATION INSTITUTION THAT EDUCATES LEADERS TO SERVE CHRIST, HIS CHURCH, AND HIS WORLD THROUGH BIBLICAL THOUGHT AND LIFE

  • WELCH COLLEGE IS A CHRISTIAN HIGHER EDUCATION INSTITUTION THAT EDUCATES LEADERS TO SERVE CHRIST, HIS CHURCH, AND HIS WORLD THROUGH BIBLICAL THOUGHT AND LIFE. WE PROVIDE OUR STUDENTS A UNIQUE OPPORTUNITY TO PREPARE FOR LEADERSHIP IN THE PLACE OF SERVICE TO WHICH GOD IS CALLING THEM. WE DO THIS BY TEACHING STUDENTS TO CONFRONT THE INESCAPABLE QUESTIONS OF LIFE FROM THE VANTAGE POINT OF A CHRISTIAN WORLDVIEW, REALISING THE IMPLICATIONS OF CHRISTIAN FAITH FOR THE WORLD AROUND THEM.

    Expenses $8,127,733 · Grants $2,078,623 · Revenue $5,508,380

As filed on the 2023 return.

Listed in Part VII

  • Rev Will Beauchamp

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dr Jeff Crabtree

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Rev Shiloh Hackett

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rev Wayne Miracle

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Rev Brad Ryan

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rev Tim Campbell

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rev Theron Scott

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chris Truett

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Rusty Campbell

    BOARD OF TRUSTEES MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Craig Mahler

    VP-FINANCIAL AFFAIRS

    Total calculated
    $66,805
    From this org
    $27,740
    From related orgs
    $0
    Other
    $39,065
    Hours/week
    40

  • J Matthew Pinson

    PRESIDENT

    Total calculated
    $108,039
    From this org
    $78,146
    From related orgs
    $0
    Other
    $29,893
    Hours/week
    40

  • Greg Ketteman

    VP STRATEGIC INITIATIVES

    Total calculated
    $59,904
    From this org
    $59,139
    From related orgs
    $0
    Other
    $765
    Hours/week
    40

  • Jon Forlines

    VP STUDENT SERVICES/ DEAN

    Total calculated
    $56,283
    From this org
    $45,279
    From related orgs
    $0
    Other
    $11,004
    Hours/week
    40

  • David Williford

    VP-INSTITUTIONAL ADVANCEME

    Total calculated
    $0
    Hours/week
    40

  • Matthew Bracey

    VICE PROVOST

    Total calculated
    $65,951
    From this org
    $28,360
    From related orgs
    $0
    Other
    $37,591
    Hours/week
    40

  • Kevin Hester

    VP INSTITUTIONAL EFFECTIVE

    Total calculated
    $87,842
    From this org
    $66,474
    From related orgs
    $0
    Other
    $21,368
    Hours/week
    40

  • Matthew McAffee

    PROVOST

    Total calculated
    $79,475
    From this org
    $12,261
    From related orgs
    $0
    Other
    $67,214
    Hours/week
    40

  • Todd Parish

    VP FOR INSTITUTIONAL ADVAN

    Total calculated
    $64,546
    From this org
    $15,705
    From related orgs
    $0
    Other
    $48,841
    Hours/week
    40

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

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.

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 partnerships

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

  • FREE WILL BAPTIST MINISTRIES PARTNERSHIP

    NONE AT PRESENT · LAND PURCHASE · TN · 38.05% owned · general or managing partner

    Directly controlled by WELCH COLLEGE

Provenance

Return type
form_990
Tax year
2023
Filed
11 April 2025
IRS schema version
2023v6.0
Source object
202541019349300919

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