Civic Intelligence

The University of Mount Olive Foundaiton

990 • Fiscal year 2023 • EIN 20-0371529

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 17, 2024

Organization ProfileWWW.UMO.EDU/SUPPORT-UMO
634 Henderson StreetMount Olive, NC 28365-1263

(919) 658-2502

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

97th percentile

1.36x

Higher debt load relative to assets than 97% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

12.59x

Higher debt load relative to revenue than 98% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Net Margin

53rd percentile

5.7%

Higher net margin than 53% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$287,284

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 30.3% of source-year revenue.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Asset Growth

19th percentile

-3.9%

Faster asset growth than 19% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

37th percentile

-1.0%

Faster revenue growth than 37% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$8,792,705

Down $354,299 (-3.9%) from 2022

Net Assets

Up

-$3,155,569

Up $53,688 (+1.7%) from 2022

Liabilities

Down

$11,948,274

Down $407,987 (-3.3%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin53rd percentile

Revenue

Down

$948,904

Down $10,036 (-1.0%) from 2022

Expenses

Down

$895,216

Down $13,627 (-1.5%) from 2022

Net Income

Up

$53,688

Up $3,591 (+7.2%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth19th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$15M$10M$5.0M$0-$5.0MAssets 2011: $14,205,748Liabilities 2011: $15,489,038Net Assets 2011: -$1,283,2902011Assets 2012: $13,920,414Liabilities 2012: $14,825,987Net Assets 2012: -$905,5732012Assets 2013: $13,382,480Liabilities 2013: $14,533,335Net Assets 2013: -$1,150,8552013Assets 2014: $12,952,389Liabilities 2014: $14,309,669Net Assets 2014: -$1,357,2802014Assets 2015: $12,562,420Liabilities 2015: $14,144,342Net Assets 2015: -$1,581,9222015Assets 2016: $12,112,332Liabilities 2016: $13,903,244Net Assets 2016: -$1,790,9122016Assets 2017: $11,711,987Liabilities 2017: $13,647,928Net Assets 2017: -$1,935,9412017Assets 2018: $11,319,804Liabilities 2018: $13,378,496Net Assets 2018: -$2,058,6922018Assets 2019: $10,892,253Liabilities 2019: $13,031,202Net Assets 2019: -$2,138,9492019Assets 2020: $10,550,864Liabilities 2020: $12,886,451Net Assets 2020: -$2,335,5872020Assets 2021: $9,330,028Liabilities 2021: $12,589,382Net Assets 2021: -$3,259,3542021Assets 2022: $9,147,004Liabilities 2022: $12,356,261Net Assets 2022: -$3,209,2572022Assets 2023: $8,792,705Liabilities 2023: $11,948,274Net Assets 2023: -$3,155,5692023Assets 2024: $8,523,343Liabilities 2024: $11,604,903Net Assets 2024: -$3,081,5602024

Highlighted filing

2023

Assets$8,792,705
Liabilities$11,948,274
Net Assets-$3,155,569
Open 2023 Filing

Operations Trend

Revenue Growth37th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.0M$0-$1.0MExpenses 2011: $1,129,7292011Expenses 2012: $1,112,4392012Expenses 2013: $1,109,1882013Revenue 2014: $871,418Expenses 2014: $1,103,215Net Income 2014: -$231,7972014Revenue 2015: $873,186Expenses 2015: $1,093,485Net Income 2015: -$220,2992015Revenue 2016: $871,556Expenses 2016: $1,082,844Net Income 2016: -$211,2882016Revenue 2017: $871,745Expenses 2017: $1,030,686Net Income 2017: -$158,9412017Revenue 2018: $872,764Expenses 2018: $998,988Net Income 2018: -$126,2242018Revenue 2019: $887,373Expenses 2019: $967,630Net Income 2019: -$80,2572019Revenue 2020: $729,401Expenses 2020: $939,098Net Income 2020: -$209,6972020Revenue 2021: $193Expenses 2021: $923,960Net Income 2021: -$923,7672021Revenue 2022: $958,940Expenses 2022: $908,843Net Income 2022: $50,0972022Revenue 2023: $948,904Expenses 2023: $895,216Net Income 2023: $53,6882023Revenue 2024: $951,572Expenses 2024: $877,563Net Income 2024: $74,0092024

Highlighted filing

2023

Revenue$948,904
Expenses$895,216
Net Income$53,688
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 17, 2024
Return Version
2022v5.0
Gross Receipts
$948,904
Mission and Program Overview

Mission

The purpose of this nonprofit foundation is to seek alternative sources of support to strengthen the university of mount olive's outreach to students and the community.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,758,310$8,396,792▼ $361,518
Savings and Temporary Cash Investments$385,679$393,187▲ $7,508
Prepaid Expenses and Deferred Charges$3,015$2,726▼ $289
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$9,147,004$8,792,705▼ $354,299
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,101,464$11,776,895▼ $324,569
Accounts Payable and Accrued Expenses$254,797$171,379▼ $83,418
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$12,356,261$11,948,274▼ $407,987
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$0→ $0
Net Assets Without Donor Restrictions$-3,209,257$-3,155,569▲ $53,688
Total Net Assets Fund Balance$-3,209,257$-3,155,569▲ $53,688
Total Liabilities and Net Assets / Fund Balance$9,147,004$8,792,705▼ $354,299

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,396,792$6,063,928$14,460,720
Equipment$0$1,383,810$1,383,810
Compensation and Service Providers
Top Officer Pay88th percentile

Board Members and Trustees

NameTitle
I Ray Mcdonald JrChairperson
Dean RouseVice Chairperson
Billy KornegayBoard Member
Dr J William ByrdBoard Member
Earl Worley JrBoard Member
Ed CromartieBoard Member
Grey MorganBoard Member
H Edward CroomBoard Member
James E WilliamsBoard Member
Olivia B HoldingBoard Member
Roger B Davis SrBoard Member
Scott WinslowBoard Member
Stephanie KornegayBoard Member
Townsend QuinnBoard Member
Wendy CrumplerBoard Member
Kenneth BuchananAssistant Treasurer
William H BryanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$948,660
Investment Income
$244
Other Revenue
$0
Change in Net Assets
$53,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$895,216
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$530,523--$530,523
Depreciation Depletion$361,518--$361,518
Insurance$3,175--$3,175
Total Functional Expenses$895,216$0$0$895,216
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

FORM 990, PART VI, SECTION B, LINE 11B:

“The form 990 is reviewed by the controller & cfo prior to providing a copy to the university board members. The form is distributed to the board members prior to a scheduled meeting during which the form is approved.”

FORM 990, PART VI, SECTION B, LINE 12C:

“The conflict of interest policy undergoes constant review, and any conflicts are disclosed.”

FORM 990, PART VI, SECTION B, LINE 15:

“The foundation does not pay any compensation; the only paid positions are full-time employees of the university of mount olive (umo) and accordingly are paid by umo. Umo has a process in place for determining such compensation. That process states the following: compensation for the president, vp of institutional advancement, and vp finance and administration require the use of a compensation committee, independent consultant, compensation survey, or board/committee approval.”

FORM 990, PART VI, SECTION C, LINE 19:

“Financial statements and governing documents are available upon request for the same period of disclosure as set forth in section 6104(d). The articles of incorporation and articles of amendment are located on the nc secretary of state website. The current conflict of interest policy is available on the internal fresco website under institutional policies and procedures collection.”

Filing and Contact Details

Filer

Filer Name
The University of Mount Olive Foundation
EIN
20-0371529
In Care Of
% JAY REBMAN
Phone
9196582502
Address
634 HENDERSON STREET, MOUNT OLIVE, NC 28365-1263

Signing Officer

Name
Kenneth Buchanan
Title
CFO/SVP for Finance
Phone
9196582502
Signed
2024-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kenneth Buchanan
Formed
2003
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
15
Employees
0
Volunteers
16

Preparer

Firm
Bdo USA
Address
421 Fayetteville Street Suite 300, Raleigh, NC 27601
Preparer
Sandra L Feinsmith
Phone
9192781936
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“The purpose of this nonprofit foundation is to fulfill the obligations of the foundation, primarily debt service.”

FORM 990, PART XII, LINE 2C:

“The review and oversight process has not changed since the preceding year.”

Financial Statement Notes

SCHEDULE D, PART X, LINE 2:

“Management evaluated the organization's tax positions and concluded that the organization had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of the income taxes topic of the fasb asc.”

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IRS990/MissionDesc0THE PURPOSE OF THIS NONPROFIT FOUNDATION IS TO SEEK ALTERNATIVE SOURCES OF SUPPORT TO STRENGTHEN THE UNIVERSITY OF MOUNT OLIVE'S OUTREACH TO STUDENTS AND THE COMMUNITY.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE FOUNDATION IS EFFECTIVELY MANAGED AND SUPERVISED BY ITS SUPPORTED ORGANIZATION, THE UNIVERSITY OF MOUNT OLIVE. THE FOUNDATION BYLAWS STATE THAT THE FOUNDATION BOARD WILL ALWAYS INCLUDE THE BOARD CHAIR OF THE UNIVERSITY, THE PRESIDENT OF THE UNIVERSITY, AND THE VP FOR ADVANCEMENT OF THE UNIVERSITY. THREE OF THE SIX FOUNDATION OFFICERS ARE UNIVERSITY EMPLOYEES. UNIVERSITY EMPLOYEES MANAGE/SUPERVISE THE DAILY ACTIVITIES OF THE ORGANIZATION. THERE WAS NO VP FOR ADVANCEMENT OF THE UNIVERSITY IN 2022.
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,792,705
Liabilities
$11,948,274
Net assets
-$3,155,569
Revenue
$948,904
Expenses
$895,216
Net income
$53,688
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.52$11.6$3.08$0.95$0.88$0.07
2023Detailed filing. Detailed filing data is available for this year.$8.79$11.9$3.16$0.95$0.90$0.05
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.15$12.4$3.21$0.96$0.91$0.05
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.33$12.6$3.26$0.00$0.92$0.92
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.6$12.9$2.34$0.73$0.94$0.21
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.9$13.0$2.14$0.89$0.97$0.08
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.3$13.4$2.06$0.87$1.00$0.13
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.7$13.6$1.94$0.87$1.03$0.16
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.1$13.9$1.79$0.87$1.08$0.21
2015Detailed filing. Detailed filing data is available for this year.$12.6$14.1$1.58$0.87$1.09$0.22
2014Summary only. Only limited summary data is available for this year.$13.0$14.3$1.36$0.87$1.10$0.23
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.4$14.5$1.15$1.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.9$14.8$0.91$1.11
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$14.2$15.5$1.28$1.13