Civic Intelligence

Pfeiffer University

990 • Fiscal year 2019 • EIN 56-0529990

Jul 01, 2018 to Jun 30, 2019 • Filed on Jun 16, 2020

PO Box 960Misenheimer, NC 28109

(704) 463-1360

Siviq Scores

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

Liabilities / Assets

85th percentile

0.74x

Higher debt load relative to assets than 85% of similar nonprofits.

2019 filings • NTEE B • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

77th percentile

1.10x

Higher debt load relative to revenue than 77% of similar nonprofits.

2019 filings • NTEE B • $50M-$100M nonprofits • Source year 2019

Net Margin

22nd percentile

-6.2%

Higher net margin than 22% of similar nonprofits.

2019 filings • NTEE B • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

29th percentile

$208,741

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2019 filings • NTEE B • $50M-$100M nonprofits • Source year 2019

Asset Growth

94th percentile

60%

Faster asset growth than 94% of similar nonprofits.

2019 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

70th percentile

9.4%

Faster revenue growth than 70% of similar nonprofits.

2019 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Up

$61,698,644

Up $23,249,075 (+60%) from 2018

Net Assets

Down

$16,341,698

Down $4,376,659 (-21%) from 2018

Liabilities

Up

$45,356,946

Up $27,625,734 (+156%) from 2018

Revenue

Up

$41,053,285

Up $3,529,096 (+9.4%) from 2018

Expenses

Up

$43,584,180

Up $2,846,294 (+7.0%) from 2018

Net Income

Up

-$2,530,895

Up $682,802 (+21%) from 2018

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2010: $45,927,209Liabilities 2010: $25,563,008Net Assets 2010: $20,364,2012010Assets 2011: $45,825,433Liabilities 2011: $22,045,429Net Assets 2011: $23,780,0042011Assets 2012: $46,220,010Liabilities 2012: $22,329,359Net Assets 2012: $23,890,6512012Assets 2013: $48,046,498Liabilities 2013: $22,297,947Net Assets 2013: $25,748,5512013Assets 2014: $48,615,387Liabilities 2014: $22,848,102Net Assets 2014: $25,767,2852014Assets 2015: $47,124,907Liabilities 2015: $20,842,370Net Assets 2015: $26,282,5372015Assets 2016: $43,289,144Liabilities 2016: $20,899,193Net Assets 2016: $22,389,9512016Assets 2017: $41,716,509Liabilities 2017: $17,746,618Net Assets 2017: $23,969,8912017Assets 2018: $38,449,569Liabilities 2018: $17,731,212Net Assets 2018: $20,718,3572018Assets 2019: $61,698,644Liabilities 2019: $45,356,946Net Assets 2019: $16,341,6982019Assets 2020: $68,487,600Liabilities 2020: $46,085,664Net Assets 2020: $22,401,9362020Assets 2021: $68,125,278Liabilities 2021: $42,521,959Net Assets 2021: $25,603,3192021Assets 2022: $68,452,369Liabilities 2022: $41,837,323Net Assets 2022: $26,615,0462022Assets 2023: $72,007,748Liabilities 2023: $43,863,507Net Assets 2023: $28,144,2412023

Highlighted filing

2019

Assets$61,698,644
Liabilities$45,356,946
Net Assets$16,341,698

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $33,565,8272010Expenses 2011: $32,433,7922011Expenses 2012: $33,899,3942012Expenses 2013: $34,629,8402013Revenue 2014: $35,030,828Expenses 2014: $37,751,709Net Income 2014: -$2,720,8812014Revenue 2015: $38,866,426Expenses 2015: $38,236,380Net Income 2015: $630,0462015Revenue 2016: $36,451,433Expenses 2016: $39,608,765Net Income 2016: -$3,157,3322016Revenue 2017: $44,482,973Expenses 2017: $41,680,288Net Income 2017: $2,802,6852017Revenue 2018: $37,524,189Expenses 2018: $40,737,886Net Income 2018: -$3,213,6972018Revenue 2019: $41,053,285Expenses 2019: $43,584,180Net Income 2019: -$2,530,8952019Revenue 2020: $47,817,535Expenses 2020: $41,013,535Net Income 2020: $6,804,0002020Revenue 2021: $47,444,626Expenses 2021: $44,272,627Net Income 2021: $3,171,9992021Revenue 2022: $45,135,710Expenses 2022: $44,165,553Net Income 2022: $970,1572022Revenue 2023: $44,103,969Expenses 2023: $43,353,660Net Income 2023: $750,3092023

Highlighted filing

2019

Revenue$41,053,285
Expenses$43,584,180
Net Income-$2,530,895
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jun 16, 2020
Return Version
2018v3.1
Gross Receipts
$41,086,189
Mission and Program Overview

Mission

Pfeiffer is a globally engaged, regional university distinctive for its transformational undergraduate experiences and its leadership in professional and graduate programs that fill demonstrated needs. Vested in its history as a united methodist-related university, and propelled forward by an innovative faculty, pfeiffer prepares its students for a lifetime of achievement, scholarship, spirituality, and service.

Pfeiffer university is a comprehensive united methodist-related university, with multiple campuses and delivery systems, committed to educational excellence, service, and scholarship. Within nurturing communities of learners, we value diversity and promote the attainment of full academic and personal potential through accessible undergraduate and graduate programs. It is the vision of the university that our students embrace the christian values of human dignity, integrity, and service and become servant leaders and lifelong learners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$466,336$22,964,448▲ $22,498,112
Land, Buildings, and Equipment, Net$18,245,613$20,013,573▲ $1,767,960
Investments in Publicly Traded Securities$12,960,048$12,275,503▼ $684,545
Pledges and Grants Receivable$2,693,526$1,957,987▼ $735,539
Investments Other Securities$1,845,642$1,889,726▲ $44,084
Accounts Receivable$1,005,526$1,048,008▲ $42,482
Cash and Non-Interest-Bearing Accounts$178,741$606,971▲ $428,230
Other Notes and Loans Receivable, Net$581,823$410,447▼ $171,376
Prepaid Expenses and Deferred Charges$209,779$59,391▼ $150,388
Inventories for Sale or Use$30,112$26,283▼ $3,829
Total Assets$38,449,569$61,698,644▲ $23,249,075
Other Assets Total$232,423$446,307▲ $213,884
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,547,296$35,633,698▲ $25,086,402
Accounts Payable and Accrued Expenses$3,936,681$5,429,867▲ $1,493,186
Other Liabilities$1,027,464$2,562,459▲ $1,534,995
Deferred Revenue$2,000,977$1,612,448▼ $388,529
Unsecured Notes Loans Payable$218,794$118,474▼ $100,320
Total Liabilities$17,731,212$45,356,946▲ $27,625,734
Net Assets / Fund Balance
Permanently Rstr Net Assets$16,580,463$17,215,421▲ $634,958
Temporarily Rstr Net Assets$6,541,821$6,792,344▲ $250,523
Unrestricted Net Assets$-2,403,927$-7,666,067▼ $5,262,140
Total Net Assets Fund Balance$20,718,357$16,341,698▼ $4,376,659
Total Liabilities and Net Assets / Fund Balance$38,449,569$61,698,644▲ $23,249,075

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,942,004$20,925,141$33,867,145
Equipment$2,610,334$7,441,520$10,051,854
Other Land Buildings$3,959,362$140$3,959,502
Land$501,873-$501,873

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$15,252,892$532,240▲ $1,202,856$2,272,722$14,715,266
2017$15,798,327$1,148,377▲ $1,239,188$2,933,000$15,252,892
2016$17,239,249$214,116▲ $2,213,744$3,868,782$15,798,327
2015$18,633,039$282,268▼ $76,884$485,266$17,239,249
2014$19,005,313---$19,005,313
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Kenneth RussellVP for Dtt & CIOFT$189,558$19,183$208,741
Dr Colleen KeithPresident (through 5/31/2019)FT$194,450$10,301$204,751
Brenda DiazDirector of Pa ProgramFT$126,641$17,893$144,534
Dr Tracy EspyProvost/VP for Academic AffairsFT$115,460$17,707$133,167
Catherine HurdVP of Enrollment Management & AthleticsFT$121,294$8,733$130,027
Robert FuzyVP for AdvancementFT$103,074$7,912$110,986
Jeffrey PlylerVP of Finance/CFO (through 10/22/2018)FT$85,191$13,247$98,438

Board Members and Trustees

NameTitle
Robert J BrietzChairman
Dr Scott W BullardPresident (starting 5/28/2019)
Joy T Melton JdVice Chairman
Aatlas James RussellTrustee
Albert L RoseTrustee
Anne DanielTrustee
Arch Y StokesTrustee
Bill R BedsoleTrustee
David B MillerTrustee
G Scott MiddletonTrustee
Jane S CriscoTrustee
Julianne BrittainTrustee
Lawrence GrovesTrustee
Marshall C RogersTrustee
Rick ThamesTrustee
Roger L DickTrustee
Russell C RingTrustee
Samuel J Asbury IvTrustee
Steven K PughTrustee
Terry V SwicegoodTrustee
Christopher L BramlettEmeritus
George E ThompsonEmeritus
George P WatersEmeritus
H Robert Herold IiEmeritus
Richard L PettyEmeritus
Thomas GradyEmeritus
Warren D Knapp JrEmeritus
William GriggEmeritus
Della D RainesEx-officio
Julia WillisEx-officio
Laura H AutenEx-officio
Nancy ReigelEx-officio
Paul LeelandEx-officio
Tomy a AldridgeEx-officio
David HollarEx-officio (non-voting)
Kaylie HyattEx-officio (non-voting)
Kathleen E KennedySecretary
Benny MerrellTreasurer
Robin LeslieVP of Finance/CFO

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo Food Service INCFood ServicesPO BOX 960, Misenheimer, NC 28109$1,836,903
Sodexo INC & AffiliatesMaintenance ServicesPO BOX 536922, Atlanta, GA 30353-6922$1,266,885
Stokes Construction INCContractor618 NORTH SECOND ST, Albemarle, NC 28001$757,401
First Tryon SecuritiesFinancial Advisory Services1355 GREENWOOD CLIFF, Charlotte, NC 28204$273,410
Little Diversified ArchitecturalArchitectural Services615 COLLEGE STREET, Charlotte, NC 28202$240,705
Revenue and Support

Revenue Composition

Contributions and Grants
$3,437,643
Program Service Revenue
$34,623,183
Investment Income
$2,352,519
Other Revenue
$639,940
All Other Contributions
$3,065,847
Change in Net Assets
$-2,530,895

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 Traded5$143,858Fair Market Value (FMV)
Real Estate Residential1$102,301Tax Record
Other Non Cash Contri Table111$21,884Cost
Other Non Cash Contri Table1$15,000Cost
Other Non Cash Contri Table1$8,500Cost
Other Non Cash Contri Table1$4,145Cost
Other Non Cash Contri Table1$4,000Cost
Clothing and Household Goods-$1,681Fair Market Value (FMV)
Books and Publications-$92Cost
Total Noncash Contributions121$301,461-

Audited Revenue Reconciliation

Revenue per Audited Statements
$27,109,454
Revenue Not Reported on Financial Statements
$13,943,831
Revenue Not Reported on Form 990
$32,904
Other Revenue Adjustments
$13,864,034
Total Revenue per Audited Statements
$27,142,358
Total Revenue per Form 990
$41,053,285
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,870,735
Grants and Similar Amounts Paid$13,864,034
Other Expenses$13,849,411
Total Fundraising Expense$612,604
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$13,864,034--$13,864,034
Other Salaries and Wages$9,168,920$3,279,218$385,247$12,833,385
Fees for Services Other$1,213,462$1,509,135$57,652$2,780,249
Occupancy$1,598,522$670,867-$2,269,389
Depreciation Depletion$937,393$1,005,390-$1,942,783
Other Employee Benefits$1,271,824$487,941$52,149$1,811,914
Information Technology$21,628$1,140,158$144$1,161,930
Payroll Taxes$677,576$189,354$50,479$917,409
Travel$635,120$227,208$748$863,076
Office Expenses$459,877$305,378$3,582$768,837
Interest$144,909$276,807-$421,716
Insurance$114,805$194,228-$309,033
Current Officers, Directors, Trustees, and Key Employees$220,072$78,708$9,247$308,027
Advertising$25,802$204,636$6$230,444
Other Expenses$108,948$36,449$22,211$167,608
All Other Expenses$66,039$74,926$3,500$144,465
Conferences and Meetings$93,802$32,865$385$127,052
Fees for Service Investment Mgmnt Fees-$79,797-$79,797
Total Functional Expenses$30,786,992$12,184,584$612,604$43,584,180

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$43,584,180
Total Expenses per Audited Statements$29,673,253
Expenses per Audited Statements$29,640,349
Expenses Not Reported on Financial Statements$13,943,831
Other Expense Adjustments$13,864,034
Expenses Not Reported on Form 990$32,904
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$32,904
Fundraising Gross Income$24,730
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Hc Black & Gold Gala$39,340$14,590$3,633$10,957
Crisco Golf Tournament$23,420$10,140$5,000$5,140
Total Events$62,760$24,730$32,904$-8,174
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
-Family Member of OfficerCOMPENSATION FOR SERVICES. COMPENSATION IS NEGOTIATED AT ARM'S LENGTH AND IS AT FAIR MARKET VALUE.No$45,205
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Settlement Liability$1,525,000
Advances From Federal Government$943,545
Annuities Payable$93,914
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 family members
Yes
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

Pfeiffer university's form 990 is sent to the president, cfo, and all board of trustee members for individual review before the return is submitted. The finance committee will review in detail at a scheduled meeting prior to submission.

Form 990, Part VI, Section B, Line 12C

Pfeiffer university requires all trustees to complete a conflicts of interest form annually, which is reviewed by the president's office. In the event of a potential conflict during the year, the interested person shall recuse himself/herself from discussions and vote on the matter.

Form 990, Part VI, Section B, Line 15

The executive committee of the board of trustees or finance committee annually reviews comparable external data and benchmarks, as well as performance in determining appropriate compensation. The decision is documented in the board minutes.

Form 990, Part VI, Section C, Line 18

The organization makes its form 1023 and form 990 available upon request for the same period of disclosure as set forth in section 6104(d).

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Pfeiffer University
EIN
56-0529990
Phone
7044631360
Address
PO BOX 960, MISENHEIMER, NC 28109

Signing Officer

Name
Dr Scott W Bullard
Title
President
Phone
7044631360
Signed
2020-06-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Scott W Bullard
Formed
1938
Legal Domicile
Nc
Voting Board Members
27
Independent Board Members
27
Employees
350
Volunteers
600

Preparer

Firm
Elliott Davis Llcpllc
Address
500 EAST MOREHEAD STREET SUITE 700, CHARLOTTE, NC 28202
Preparer
Janice a Ratica
Phone
7043338881
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Legal settlment with technology provider -1,225,000. Change in annuity valuation 10,105. Change in csv 189,560. Investment gain on plant -21,976. Deficiency of actual investment return -719,678.

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior period.

Financial Statement Notes

PART III, LINE 4:

Framed original photograph of dr. Martin luther king, jr. And dr. Vernon mack herron the march from selma to montgomery, al in 1965. Also, included is a geneology collection of books, documents and memorabilia from dr. Herron these include his writings on the civil rights movement.

PART X, LINE 2:

The university is a tax-exempt entity under section 501(c)(3) of the internal revenue code (irc). The campus is a single member limited liability company and is therefore disregarded for income tax purposes. Accordingly, the accompanying consolidated financial statements do not reflect a provision or liability for federal and state income taxes. The university has determined that it does not have any material unrecognized tax benefits or obligations as of june 30, 2019 and 2018.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense netted against revenue 32,904.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

SCHOLARSHIPS 13,864,034.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expense netted against revenue 32,904.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

SCHOLARSHIPS 13,864,034.

Raw XML AppendixShowing 400 of 1,022 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$72.0$43.9$28.1$44.1$43.4$0.75
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.5$41.8$26.6$45.1$44.2$0.97
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.1$42.5$25.6$47.4$44.3$3.17
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$68.5$46.1$22.4$47.8$41.0$6.80
2019Detailed filing. Detailed filing data is available for this year.$61.7$45.4$16.3$41.1$43.6$2.53
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.4$17.7$20.7$37.5$40.7$3.21
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$41.7$17.7$24.0$44.5$41.7$2.80
2016Summary only. Only limited summary data is available for this year.$43.3$20.9$22.4$36.5$39.6$3.16
2015Summary only. Only limited summary data is available for this year.$47.1$20.8$26.3$38.9$38.2$0.63
2014Detailed filing. Detailed filing data is available for this year.$48.6$22.8$25.8$35.0$37.8$2.72
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.0$22.3$25.7$34.6
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.2$22.3$23.9$33.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$45.8$22.0$23.8$32.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$45.9$25.6$20.4$33.6