Civic Intelligence

Bennett College

990 • Fiscal year 2017 • EIN 56-0532296

Jul 01, 2016 to Jun 30, 2017 • Filed on May 14, 2018

Refreshing map…

900 E Washington StreetGreensboro, NC 27401

(336) 517-2100

Siviq Scores

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

Liabilities / Assets

80th percentile

0.71x

Higher debt load relative to assets than 80% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

84th percentile

2.15x

Higher debt load relative to revenue than 84% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Net Margin

15th percentile

-5.9%

Higher net margin than 15% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

61st percentile

$258,531

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Asset Growth

16th percentile

-1.7%

Faster asset growth than 16% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

17th percentile

-9.9%

Faster revenue growth than 17% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Assets

Down

$49,945,898

Down $858,316 (-1.7%) from 2016

Net Assets

Down

$14,249,286

Down $216,836 (-1.5%) from 2016

Liabilities

Down

$35,696,612

Down $641,480 (-1.8%) from 2016

Revenue

Down

$16,601,565

Down $1,823,939 (-9.9%) from 2016

Expenses

Down

$17,579,266

Down $1,962,740 (-10%) from 2016

Net Income

Up

-$977,701

Up $138,801 (+12%) from 2016

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $46,863,908Liabilities 2010: $26,140,554Net Assets 2010: $20,723,3542010Assets 2011: $57,313,678Liabilities 2011: $34,542,933Net Assets 2011: $22,770,7452011Assets 2012: $56,552,698Liabilities 2012: $35,177,119Net Assets 2012: $21,375,5792012Assets 2013: $52,912,399Liabilities 2013: $34,478,716Net Assets 2013: $18,433,6832013Assets 2014: $51,927,649Liabilities 2014: $33,865,391Net Assets 2014: $18,062,2582014Assets 2015: $52,399,719Liabilities 2015: $35,863,938Net Assets 2015: $16,535,7812015Assets 2016: $50,804,214Liabilities 2016: $36,338,092Net Assets 2016: $14,466,1222016Assets 2017: $49,945,898Liabilities 2017: $35,696,612Net Assets 2017: $14,249,2862017Assets 2018: $50,983,822Liabilities 2018: $36,718,866Net Assets 2018: $14,264,9562018Assets 2019: $54,526,958Liabilities 2019: $35,157,184Net Assets 2019: $19,369,7742019Assets 2020: $51,386,635Liabilities 2020: $35,499,311Net Assets 2020: $15,887,3242020Assets 2021: $45,162,174Liabilities 2021: $10,201,551Net Assets 2021: $34,960,6232021Assets 2022: $43,688,043Liabilities 2022: $8,142,966Net Assets 2022: $35,545,0772022Assets 2023: $42,982,121Liabilities 2023: $7,258,778Net Assets 2023: $35,723,3432023

Highlighted filing

2017

Assets$49,945,898
Liabilities$35,696,612
Net Assets$14,249,286

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $27,491,2872010Expenses 2011: $21,700,1592011Expenses 2012: $23,047,4622012Revenue 2013: $20,806,597Expenses 2013: $22,459,349Net Income 2013: -$1,652,7522013Revenue 2014: $18,777,832Expenses 2014: $20,743,946Net Income 2014: -$1,966,1142014Revenue 2015: $18,592,423Expenses 2015: $19,840,649Net Income 2015: -$1,248,2262015Revenue 2016: $18,425,504Expenses 2016: $19,542,006Net Income 2016: -$1,116,5022016Revenue 2017: $16,601,565Expenses 2017: $17,579,266Net Income 2017: -$977,7012017Revenue 2018: $18,360,983Expenses 2018: $18,578,973Net Income 2018: -$217,9902018Revenue 2019: $26,806,803Expenses 2019: $21,747,839Net Income 2019: $5,058,9642019Revenue 2020: $15,339,187Expenses 2020: $18,821,637Net Income 2020: -$3,482,4502020Revenue 2021: $40,377,386Expenses 2021: $15,751,196Net Income 2021: $24,626,1902021Revenue 2022: $19,731,439Expenses 2022: $16,688,976Net Income 2022: $3,042,4632022Revenue 2023: $16,836,615Expenses 2023: $16,186,107Net Income 2023: $650,5082023

Highlighted filing

2017

Revenue$16,601,565
Expenses$17,579,266
Net Income-$977,701
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 14, 2018
Return Version
2016v3.0
Gross Receipts
$16,601,565
Mission and Program Overview

Mission

To offer women an education conducive to excellence in scholarly pursuits, preparation for leadership roles in the workplace, society, and the world, and life-long learning in a technologically advanced, complex global society.

The mission of the College is to prepare students personally, socially and intellectually to effectively function in a changing global society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$29,889,488$29,714,224▼ $175,264
Investments in Publicly Traded Securities$10,433,167$12,353,330▲ $1,920,163
Investments Program Related$2,709,821$2,709,821→ $0
Prepaid Expenses and Deferred Charges$2,552,550$2,548,392▼ $4,158
Cash and Non-Interest-Bearing Accounts$1,139,273$1,114,994▼ $24,279
Accounts Receivable$963,462$651,875▼ $311,587
Savings and Temporary Cash Investments$1,038,691$291,280▼ $747,411
Pledges and Grants Receivable$153,727$150,314▼ $3,413
Inventories for Sale or Use$653$1,569▲ $916
Total Assets$50,223,318$49,945,898▼ $277,420
Other Assets Total$1,342,486$410,099▼ $932,387
Liabilities
Tax Exempt Bond Liabilities$27,182,076$26,307,881▼ $874,195
Mortgage Notes Payable Secured by Investment Property$5,506,330$7,262,206▲ $1,755,876
Accounts Payable and Accrued Expenses$1,449,670$1,072,774▼ $376,896
Other Liabilities$1,619,120$715,521▼ $903,599
Deferred Revenue-$338,230-
Total Liabilities$35,757,196$35,696,612▼ $60,584
Net Assets / Fund Balance
Permanently Rstr Net Assets$11,405,462$11,558,343▲ $152,881
Temporarily Rstr Net Assets$2,578,819$2,530,082▼ $48,737
Unrestricted Net Assets$481,841$160,861▼ $320,980
Total Net Assets Fund Balance$14,466,122$14,249,286▼ $216,836
Total Liabilities and Net Assets / Fund Balance$50,223,318$49,945,898▼ $277,420

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,357,987$27,267,946$45,625,933
Equipment$6,398,515$5,177,006$11,575,521
Land$4,076,638-$4,076,638
Other Land Buildings$881,084$1,154,716$2,035,800
Investment Program Related Org$2,709,821--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$11,471,857$153,791▲ $1,531,653$13,127$12,644,610
2015$12,022,770$151,105▼ $194,607-$11,471,857
2014$11,813,469$97,254▲ $373,691$11,640$12,022,770
2013$12,218,319$131,110▲ $1,435,148$1,701,632$11,813,469
2012$11,380,355$691,421▲ $578,476-$12,218,319
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Rosalind Fuse-HallFormer PresidentFT$43,556$214,975$258,531
Dr Phyllis DawkinsPresidentFT$179,617$24,579$204,196
Ms Evelyn LeathersAssociate Vice President, Institutional AdvancementFT$107,294$3,963$111,257
Mr Steve WillisInterim ProvostFT$104,641$3,377$108,018
Mr LeRoy Summers JrVice President, Business and FinanceFT$101,510$2,554$104,064
Ms Gisele AbronInterim Associate Vice President, Enrollment ManagementFT$74,502$2,228$76,730
Ms Latonya FlamerAssociate Vice President, Business and Finance/ControllerFT$73,307-$73,307
Ms Kim DryeInterim Associate Vice President, Student AffairsFT$66,443-$66,443

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo Inc & AffiliatesFacilities/ Food ServicePO Box 536922, Atlanta, GA 30353-6922$2,315,584
Lomax Construction Company IncConstruction ContractorPO Box 35169, Greensboro, NC 27425-5169$409,551
-Equipment Repairs107 W Bowman Avenue, Liberty, NC 27298$218,811
GMG IncConstruction Contractor1210 Mumford Road, Greenville, NC 27834$192,838
-Recruitment1920 East Parham Road, Richmond, VA 23228$124,939
Revenue and Support

Revenue Composition

Contributions and Grants
$6,459,620
Program Service Revenue
$9,539,422
Investment Income
$3,862
Other Revenue
$598,661
All Other Contributions
$3,557,811
Change in Net Assets
$-977,701

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,601,565
Revenue Not Reported on Form 990
$760,865
Total Revenue per Audited Statements
$17,362,430
Total Revenue per Form 990
$16,601,565
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,895,877
Grants and Similar Amounts Paid$1,680,843
Salaries, Compensation, and Employee Benefits$1,002,546
Total Fundraising Expense$298,085
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,580,774$3,907,447$298,085$4,205,532
All Other Expenses$1,761,633--$1,761,633
Grants to Domestic Individuals$1,680,843--$1,680,843
Current Officers, Directors, Trustees, and Key Employees-$1,002,546-$1,002,546
Total Functional Expenses$11,875,931$5,405,250$298,085$17,579,266

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,579,266
Total Expenses per Audited Statements$17,579,266
Total Expenses per Form 990$17,579,266
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advances from Federal Government for Student Loans$410,099
Federal income taxes$305,422
Due to Temporarily Restricted Funds-

Bond Issues

BondIssuerIssuedIssue PricePurpose
BRice Capital Access Program LLC2009-09-25$11,305,000-
ARice Capital Access Program LLC2009-09-25$9,695,000-
CRice Capital Access Program LLC2010-06-30$9,500,000-

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$11,192,663--$277,404
A$9,693,920--$237,897
C$9,500,000--$194,340

Bond Financing Compliance

No rebate due
Yes
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
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The Colleges policy is that the Audit Committee of the Board of Trustees review the Internal Revenue Service Form 990 that is filed on the Colleges behalf before it is filed with the Internal Revenue Service. An approved motion or agreement by the Board of Trustees is required in order for the Form 990 to be filed. Internal Revenue Service Form 990 shall be delivered to the board members for review one week prior to the file date.

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

The College provides the conflict of interest statement to the board members at the annual meeting. This year board members will be required to complete a statement, which will be maintained in individual memberss files.

Form 990, Part VI, Section B, Line 15A

The Board of Trustees, based on predetermined areas of performancee, evaluates the work of the President annually. The Boards Evaluation and Compensation Committee evaluates the performance. When additional compensation is deemed appropriate, a review of salaries at peer institutions is conducted to assist in arriving at a recommendation to the Executive Committee for approval.

Form 990, Part VI, Section B, Line 15B

Compensation for the top officers of the College is set at the discretion of the President. This discretion is based on 1 previous salary history, 2 North American Industry Classification System surveys, and 3 the bargaining process.

Form 990, Part VI, Section C, Line 19

The College makes its governing documents and conflict of interest policy available on the Colleges website. Financial statements are available to the public upon request. To obtain a copy, contact the business office and submit a request.

Filing and Contact Details

Filer

Filer Name
Bennett College
EIN
56-0532296
Phone
3365172100
Address
900 E Washington Street, Greensboro, NC 27401

Signing Officer

Name
Leroy Summers Jr
Title
Vice President Business and Finance
Signed
2018-05-14
Discuss with paid preparer
Yes

Organization Details

Formed
1905
Legal Domicile
Nc
Voting Board Members
19
Independent Board Members
16
Employees
357
Volunteers
36

Preparer

Firm
Murphy and Company PC
Address
1475 Klondike Road Suite 100, Conyers, GA 30094
Preparer
Dane Alexander
Phone
4048740555
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 5

The College presents its changes in net assets or fund balances separate from revenues and expenses. The balance is representative of gains and losses on investments during the fiscal year.

Financial Statement Notes

III 4

The campus of Bennett College is home to a host of historical documents, civil rights artifacts and urban treasures. Many of the items are on display for public exhibition, but also for the education of future generations of college students.

V 4

The endowment funds shown are considered permanently restricted. The College does not intend to use the funds.

X 2

The Colleges policy is to record a liability for any tax position taken that is beneficial to the College, including any related interest and penalties, when it is more-likely-than-not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there is no such position as of June 30, 2017. Accordingly, no liability has been accrued.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dr Phyllis Dawkins
IRS990/Form990PartVIISectionAGrp/PersonNm1Rev Arnetta Beverly
IRS990/Form990PartVIISectionAGrp/PersonNm2Dr James Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm3Dr Tammy McNeil
IRS990/Form990PartVIISectionAGrp/PersonNm4Ms Andrea Harris
IRS990/Form990PartVIISectionAGrp/PersonNm5Mrs Carolynn Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm6Ms Susie Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm7Dr John C Brunson Jr
IRS990/Form990PartVIISectionAGrp/PersonNm8Mrs Deborah T Love
IRS990/Form990PartVIISectionAGrp/PersonNm9Honorable Gladys Ashe Robinson PhD
IRS990/Form990PartVIISectionAGrp/PersonNm10Mr Eric Watson
IRS990/Form990PartVIISectionAGrp/PersonNm11Mr Rick Anicetti
IRS990/Form990PartVIISectionAGrp/PersonNm12Ms Yahnick Barclay
IRS990/Form990PartVIISectionAGrp/PersonNm13Mr Charles E Coote Jr
IRS990/Form990PartVIISectionAGrp/PersonNm14Ms Jacqueline T Wieland
IRS990/Form990PartVIISectionAGrp/PersonNm15Mr Michael Godette
IRS990/Form990PartVIISectionAGrp/PersonNm16Atty Carrie A Hanger
IRS990/Form990PartVIISectionAGrp/PersonNm17Dr Prenard R Mickens
IRS990/Form990PartVIISectionAGrp/PersonNm18Ms Kimberly Jessup Ripberger
IRS990/Form990PartVIISectionAGrp/PersonNm19Mr LeRoy Summers Jr
IRS990/Form990PartVIISectionAGrp/PersonNm20Mr Steve Willis
IRS990/Form990PartVIISectionAGrp/PersonNm21Ms Evelyn Leathers
IRS990/Form990PartVIISectionAGrp/PersonNm22Ms Latonya Flamer
IRS990/Form990PartVIISectionAGrp/PersonNm23Ms Gisele Abron
IRS990/Form990PartVIISectionAGrp/PersonNm24Ms Kim Drye
IRS990/Form990PartVIISectionAGrp/PersonNm25Dr Rosalind Fuse-Hall
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt2Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice-Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt18Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt19Vice President, Business and Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt20Interim Provost
IRS990/Form990PartVIISectionAGrp/TitleTxt21Associate Vice President, Institutional Advancement
IRS990/Form990PartVIISectionAGrp/TitleTxt22Associate Vice President, Business and Finance/Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt23Interim Associate Vice President, Enrollment Management
IRS990/Form990PartVIISectionAGrp/TitleTxt24Interim Associate Vice President, Student Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt25Former President
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IRS990/MissionDesc0To offer women an education conducive to excellence in scholarly pursuits, preparation for leadership roles in the workplace, society, and the world, and life-long learning in a technologically advanced, complex global society.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$43.0$7.26$35.7$16.8$16.2$0.65
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$43.7$8.14$35.5$19.7$16.7$3.04
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$45.2$10.2$35.0$40.4$15.8$24.6
2020Summary only. Only limited summary data is available for this year.$51.4$35.5$15.9$15.3$18.8$3.48
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$54.5$35.2$19.4$26.8$21.7$5.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$51.0$36.7$14.3$18.4$18.6$0.22
2017Detailed filing. Detailed filing data is available for this year.$49.9$35.7$14.2$16.6$17.6$0.98
2016Summary only. Only limited summary data is available for this year.$50.8$36.3$14.5$18.4$19.5$1.12
2015Detailed filing. Detailed filing data is available for this year.$52.4$35.9$16.5$18.6$19.8$1.25
2014Detailed filing. Detailed filing data is available for this year.$51.9$33.9$18.1$18.8$20.7$1.97
2013Summary only. Only limited summary data is available for this year.$52.9$34.5$18.4$20.8$22.5$1.65
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$56.6$35.2$21.4$23.0
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.3$34.5$22.8$21.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$46.9$26.1$20.7$27.5