Civic Intelligence

William Peace University

990 • Fiscal year 2021 • EIN 56-0529988

Jul 01, 2020 to Jun 30, 2021 • Filed on May 04, 2022

15 East Peace StreetRaleigh, NC 27604

(919) 508-2035

Siviq Scores

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

Liabilities / Assets

40th percentile

0.16x

Higher debt load relative to assets than 40% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Liabilities / Revenue

49th percentile

0.42x

Higher debt load relative to revenue than 49% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Net Margin

37th percentile

6.7%

Higher net margin than 37% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Top Officer Pay

63rd percentile

$388,380

Higher top officer pay than 63% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2021 filings • NTEE B • $50M-$100M nonprofits • Source year 2021

Asset Growth

41st percentile

7.7%

Faster asset growth than 41% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2020 to 2021

Revenue Growth

35th percentile

3.2%

Faster revenue growth than 35% of similar nonprofits.

2021 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2020 to 2021

Assets

Up

$89,474,772

Up $6,366,515 (+7.7%) from 2020

Net Assets

Up

$74,809,093

Up $9,330,756 (+14%) from 2020

Liabilities

Down

$14,665,679

Down $2,964,241 (-17%) from 2020

Revenue

Up

$34,889,332

Up $1,067,909 (+3.2%) from 2020

Expenses

Down

$32,558,480

Down $1,483,771 (-4.4%) from 2020

Net Income

Up

$2,330,852

Up $2,551,680 (+1156%) from 2020

Historical Trend

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $70,674,137Liabilities 2010: $12,522,549Net Assets 2010: $58,151,5882010Assets 2011: $74,199,463Liabilities 2011: $11,593,781Net Assets 2011: $62,605,6822011Assets 2012: $70,665,661Liabilities 2012: $11,632,381Net Assets 2012: $59,033,2802012Assets 2013: $74,513,481Liabilities 2013: $17,070,382Net Assets 2013: $57,443,0992013Assets 2014: $72,852,552Liabilities 2014: $18,173,394Net Assets 2014: $54,679,1582014Assets 2015: $71,778,887Liabilities 2015: $16,777,676Net Assets 2015: $55,001,2112015Assets 2016: $71,583,664Liabilities 2016: $15,859,884Net Assets 2016: $55,723,7802016Assets 2017: $72,571,371Liabilities 2017: $16,067,297Net Assets 2017: $56,504,0742017Assets 2018: $71,368,489Liabilities 2018: $15,586,297Net Assets 2018: $55,782,1922018Assets 2019: $81,373,666Liabilities 2019: $15,399,634Net Assets 2019: $65,974,0322019Assets 2020: $83,108,257Liabilities 2020: $17,629,920Net Assets 2020: $65,478,3372020Assets 2021: $89,474,772Liabilities 2021: $14,665,679Net Assets 2021: $74,809,0932021Assets 2022: $81,106,250Liabilities 2022: $14,122,595Net Assets 2022: $66,983,6552022Assets 2023: $77,092,477Liabilities 2023: $14,065,099Net Assets 2023: $63,027,3782023Assets 2024: $76,607,549Liabilities 2024: $18,672,740Net Assets 2024: $57,934,8092024

Highlighted filing

2021

Assets$89,474,772
Liabilities$14,665,679
Net Assets$74,809,093

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $23,282,3552010Expenses 2011: $24,035,1212011Revenue 2012: $23,485,345Expenses 2012: $22,469,336Net Income 2012: $1,016,0092012Expenses 2013: $25,704,9132013Revenue 2014: $29,879,883Expenses 2014: $32,353,988Net Income 2014: -$2,474,1052014Revenue 2015: $30,724,171Expenses 2015: $29,531,296Net Income 2015: $1,192,8752015Revenue 2016: $29,309,666Expenses 2016: $28,887,188Net Income 2016: $422,4782016Revenue 2017: $30,367,008Expenses 2017: $30,353,252Net Income 2017: $13,7562017Revenue 2018: $30,339,873Expenses 2018: $31,358,459Net Income 2018: -$1,018,5862018Revenue 2019: $42,769,624Expenses 2019: $32,953,263Net Income 2019: $9,816,3612019Revenue 2020: $33,821,423Expenses 2020: $34,042,251Net Income 2020: -$220,8282020Revenue 2021: $34,889,332Expenses 2021: $32,558,480Net Income 2021: $2,330,8522021Revenue 2022: $37,887,000Expenses 2022: $33,390,266Net Income 2022: $4,496,7342022Revenue 2023: $26,832,734Expenses 2023: $34,329,410Net Income 2023: -$7,496,6762023Revenue 2024: $25,979,919Expenses 2024: $34,661,827Net Income 2024: -$8,681,9082024

Highlighted filing

2021

Revenue$34,889,332
Expenses$32,558,480
Net Income$2,330,852
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 4, 2022
Return Version
2020v4.1
Gross Receipts
$36,629,906
Mission and Program Overview

Mission

William peace university is a private four-year university located in downtown raleigh, north carolina. The mission of the university is to prepare students for careers in the organizations of tomorrow. Rooted in the liberal arts tradition, the student develops an appreciation for life-long learning, a focus on meaningful careers, and skills for ethical citizenship. On average, over 95 percent of our graduates go onto jobs or careers within a year of graduation. For more information, please visit www.peace.edu.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$25,287,900$34,958,045▲ $9,670,145
Land, Buildings, and Equipment, Net$35,561,410$32,874,718▼ $2,686,692
Cash and Non-Interest-Bearing Accounts$8,368,670$8,295,643▼ $73,027
Accounts Receivable$8,480,525$6,661,419▼ $1,819,106
Savings and Temporary Cash Investments$659,422$723,931▲ $64,509
Pledges and Grants Receivable$611,628$365,917▼ $245,711
Investments Other Securities$24,548$26,830▲ $2,282
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$83,108,257$89,474,772▲ $6,366,515
Other Assets Total$4,114,154$5,568,269▲ $1,454,115
Liabilities
Tax Exempt Bond Liabilities$11,947,319$11,602,516▼ $344,803
Mortgage Notes Payable Secured by Investment Property$2,037,429$0▼ $2,037,429
Accounts Payable and Accrued Expenses$1,791,199$1,685,098▼ $106,101
Deferred Revenue$1,553,465$1,116,799▼ $436,666
Other Liabilities$300,508$261,266▼ $39,242
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$17,629,920$14,665,679▼ $2,964,241
Net Assets / Fund Balance
Net Assets With Donor Restrictions$43,975,260$49,837,864▲ $5,862,604
Net Assets Without Donor Restrictions$21,503,077$24,971,229▲ $3,468,152
Total Net Assets Fund Balance$65,478,337$74,809,093▲ $9,330,756
Total Liabilities and Net Assets / Fund Balance$83,108,257$89,474,772▲ $6,366,515

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$24,726,022$16,749,894$41,475,916
Equipment$1,900,183$5,614,549$7,514,732
Land$6,248,513-$6,248,513
Other Assets Org$-748,903--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$41,842,891$151,839▲ $8,564,243$938,844$47,725,778
2019$42,689,338$230,086▲ $910,077$584,376$41,842,891
2018$30,371,820$171,638▲ $12,924,133$275,249$42,689,338
2017$30,245,665$170,664▲ $609,182$203,815$30,371,820
2016$30,064,935$404,146▲ $618,254$340,564$30,245,665
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Brian C RalphUniversity PresidentFT$282,995$105,385$388,380
Colleen MurphyVP for Enrollment & MarketingFT$170,946$13,556$184,502
George a YearwoodVP for Administation & CFOFT$165,480$17,909$183,389
Jodi Y StameyVP for AdvancementFT$161,140$13,057$174,197
Charles S DuncanVP for Academic AffairsFT$144,131$12,750$156,881
Frank P RizzoVP for Student LifeFT$135,595$4,825$140,420

Board Members and Trustees

NameTitle
Robert G WrightBoard Chair
J Frederick Kelly JrImmediate Past Chair
Billie RedmondBoard Vice Chair
Alyson GordonBoard Member
Antonio ParhamBoard Member
Bill MclaurinBoard Member
Carlos Arias FernandezBoard Member
Duron LeeBoard Member
George Stanziale JrBoard Member
Karen AlbrittonBoard Member
Kelly GainesBoard Member
Laura BunnBoard Member
Lyn ManessBoard Member
Lynn ErdmanBoard Member
Mary-ann BaldwinBoard Member
Rachel ReynoldsBoard Member
Rev Dr Edward a Mcleod JrBoard Member
Sarah BargeEx-officio Member
Willard RossEx-officio Member
Rob WoodSecretary
Stuart PhoenixTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo INC AffiliatesDining ServicesPO BOX 360170, Pittsburgh, PA 15251-6170$1,320,013
Village Green ApartmentsStudent Housing Rent2000 Village Bluff Place, Raleigh, NC 27603$1,052,006
FHEG Peace College BookstoreBookstore supplies3146 Solutions Center, Chicago, IL 60677-3001$479,537
The Budd GroupHousekeepingPO Box 890856, Charlotte, NC 28289-0856$441,215
Town of CaryLeased Property200 Brooks Park Lane, Cary, NC 27519$417,875
Revenue and Support

Revenue Composition

Contributions and Grants
$5,881,589
Program Service Revenue
$26,745,807
Investment Income
$1,972,564
Other Revenue
$289,372
All Other Contributions
$446,431
Change in Net Assets
$2,330,852

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
Yes

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded3$38,588Fair Market Value (FMV)
Other Non Cash Contri Table1$12,000Fair Market Value (FMV)
Total Noncash Contributions4$50,588-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$11,390,809
Salaries, Compensation, and Employee Benefits$10,715,051
Other Expenses$10,452,620
Total Fundraising Expense$634,973
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$11,390,809--$11,390,809
Other Salaries and Wages$5,861,648$1,631,170$254,956$7,747,774
Fees for Services Other$1,831,098$386,657$54,000$2,271,755
Occupancy$1,493,914$608,347-$2,102,261
Depreciation Depletion$1,234,514$208,872-$1,443,386
Current Officers, Directors, Trustees, and Key Employees$498,760$591,448$174,228$1,264,436
Other Employee Benefits$786,786$272,708$30,999$1,090,493
Information Technology$3,000$890,768$13,711$907,479
Payroll Taxes$415,793$119,643$18,694$554,130
Interest$364,316$52,999-$417,315
Advertising$95,675$113,294$38,296$247,265
Travel$140,246$4,357$920$145,523
Office Expenses$56,973$59,899$20,970$137,842
Other Expenses$10,505$91,435$2,943$104,883
Fees for Service Investment Mgmnt Fees-$104,108-$104,108
Fees for Services Accounting-$97,885-$97,885
Fees for Services Legal-$82,852-$82,852
Insurance-$61,337-$61,337
Pension Plan Contributions$38,037$18,196$1,985$58,218
Total Functional Expenses$25,422,383$6,501,124$634,973$32,558,480
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Billie RedmondBoard MemberSee Part VNo$69,750

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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest$136,740
Leases Payable$93,582
Annuities Payable$30,944

Bond Issues

BondIssuerIssuedIssue PricePurpose
AWisconsin Public Finance Authority2018-06-08$12,645,000Refinance univ. Capital projects

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$12,645,000$12,504,997$353,917$140,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
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
Yes
Other officer compensation reviewed
Yes
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 A, LINE 1A:

The board can delegate certain decisions to the executive committee as it considers appropriate. The executive committee is comprised of members of the board only. The chairman of the board serves as chairman of the executive committee.

FORM 990, PART VI, SECTION A, LINE 2:

Billie redmond serves as a member of the william peace university board of trustees. She is the founder and owner of trademark properties. Trademark properties was responsible for the property management on behalf of seaboard station llc, owner of the seaboard retail shopping center, until it was sold in december of 2018. Ms. Redmond serves as the university's real estate broker and advisor.

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

The irs form 990 is required to be reviewed by the university board of trustees each year before being filed. A draft version of the form 990 is reviewed first by the assistant controller, controller, and the cfo & vice president for administration. The cfo & vice president for administration is responsible for submitting the draft version of the form 990 to members of the business operations committee of the board of trustees of the university. Committee members are requested to review the form 990 return and submit questions and/or other feedback to the administration. The full board reviews the form 990 on a high level prior to it being filed. The assistant controller coordinates with the university's tax preparers for filing after the review period.

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

All board members receive a conflict of interest form annually where they disclose any relationships, they have with parties related to the university. All relationships noted are reviewed for appropriateness and further action is taken if necessary.

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

The board chair along with the human resources office used comparability studies to review the reasonableness of the president's compensation. They also compared the salary to the current president's former salary and to the former president's salary. A reputable law firm generated the employment agreement between the university and the president. For other key members of management, the human resources office uses comparability studies to determine reasonable salary levels. The president approves the salary before offers are made.

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

The organization does not make its governing documents, conflict of interest policy, or financial statements generally available to the public.

Filing and Contact Details

Filer

Filer Name
William Peace University
EIN
56-0529988
In Care Of
% GEORGE A YEARWOOD
Phone
9195082035
Address
15 EAST PEACE STREET, RALEIGH, NC 27604

Signing Officer

Name
George Yearwood
Title
VP for Finance & CFO
Phone
9195082035
Signed
2022-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Brian C Ralph
Formed
1857
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
462
Volunteers
150

Preparer

Firm
Bdo USA Llp
Address
421 FAYETTEVILLE ST STE 300, RALEIGH, NC 27604
Preparer
Sandra L Feinsmith
Phone
9197549370
Supplemental Narrative

Additional Explanations

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

The william peace university mission is to prepare students for careers in the organizations of tomorrow. Rooted in the liberal arts tradition, the student develops an appreciation for life-long learning, a focus on meaningful careers, and skills for ethical citizenship.

FORM 990, PART XI, LINE 9 - CHANGES IN NET ASSETS:

Changes in split interest agreements 69,210

FORM 990, PART XII, LINE 2C:

Oversight of the audited financial statements: there has been no change in the process.

Financial Statement Notes

PART V, LINE 4:

The university's endowment portfolio consists of approximately 300 individual funds established for a variety of purposes including both donor-restricted endowment funds and funds designated by the board of trustees to function as endowments. As required by u.s. Gaap, net assets associated with endowment funds, including funds designated by the board of trustees to function as endowments, are classified and reported based on the donor-imposed restrictions.

PART X, LINE 2:

The university is exempt from federal income tax as an organization described in section 501(c)(3) of the internal revenue code of 1986, as amended. With respect to any unrelated business income generated by the university, it records income taxes using the liability method under which deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the currently enacted tax rate expected to apply to taxable income in the period that the deferred tax asset or liability is expected to be realized or to be settled. As of june 30, 2021 and 2020, the university had no deferred tax assets or liabilities or any uncertain tax positions.

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IRS990/Desc0INSTRUCTION & ACADEMIC SUPPORT: WILLIAM PEACE UNIVERSITY IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS COMMISSION ON COLLEGES (SACSCOC). THE INSTITUTION OFFERS 3 TYPES OF BACHELOR'S DEGREES IN OVER 25 MAJORS. SERVING APPROXIMATELY 1,000 STUDENTS, 97% OF OUR GRADUATES ARE EMPLOYED FULL-TIME OR ENTER GRADUATE SCHOOL WITHIN ONE YEAR OF GRADUATION.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0UNIVERSITY PRESIDENT
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.6$18.7$57.9$26.0$34.7$8.68
2023Detailed filing. Detailed filing data is available for this year.$77.1$14.1$63.0$26.8$34.3$7.50
2022Detailed filing. Detailed filing data is available for this year.$81.1$14.1$67.0$37.9$33.4$4.50
2021Detailed filing. Detailed filing data is available for this year.$89.5$14.7$74.8$34.9$32.6$2.33
2020Detailed filing. Detailed filing data is available for this year.$83.1$17.6$65.5$33.8$34.0$0.22
2019Detailed filing. Detailed filing data is available for this year.$81.4$15.4$66.0$42.8$33.0$9.82
2018Detailed filing. Detailed filing data is available for this year.$71.4$15.6$55.8$30.3$31.4$1.02
2017Detailed filing. Detailed filing data is available for this year.$72.6$16.1$56.5$30.4$30.4$0.01
2016Detailed filing. Detailed filing data is available for this year.$71.6$15.9$55.7$29.3$28.9$0.42
2015Detailed filing. Detailed filing data is available for this year.$71.8$16.8$55.0$30.7$29.5$1.19
2014Detailed filing. Detailed filing data is available for this year.$72.9$18.2$54.7$29.9$32.4$2.47
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.5$17.1$57.4$25.7
2012Summary only. Only limited summary data is available for this year.$70.7$11.6$59.0$23.5$22.5$1.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$74.2$11.6$62.6$24.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$70.7$12.5$58.2$23.3