Civic Intelligence

Bennett College

990 • Fiscal year 2018 • EIN 56-0532296

Jul 01, 2017 to Jun 30, 2018 • Filed on May 14, 2019

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

88th percentile

0.72x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

86th percentile

2.00x

Higher debt load relative to revenue than 86% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Net Margin

29th percentile

-1.2%

Higher net margin than 29% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

24th percentile

$209,180

Higher top officer pay than 24% of similar nonprofits.

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

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Asset Growth

49th percentile

2.1%

Faster asset growth than 49% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

65th percentile

11%

Faster revenue growth than 65% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$50,983,822

Up $1,037,924 (+2.1%) from 2017

Net Assets

Up

$14,264,956

Up $15,670 (+0.1%) from 2017

Liabilities

Up

$36,718,866

Up $1,022,254 (+2.9%) from 2017

Revenue

Up

$18,360,983

Up $1,759,418 (+11%) from 2017

Expenses

Up

$18,578,973

Up $999,707 (+5.7%) from 2017

Net Income

Up

-$217,990

Up $759,711 (+78%) from 2017

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

2018

Assets$50,983,822
Liabilities$36,718,866
Net Assets$14,264,956

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

2018

Revenue$18,360,983
Expenses$18,578,973
Net Income-$217,990
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 14, 2019
Return Version
2017v2.3
Gross Receipts
$18,360,983
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$29,714,224$29,724,680▲ $10,456
Investments in Publicly Traded Securities$12,353,330$12,551,960▲ $198,630
Investments Program Related$2,709,821$2,712,821▲ $3,000
Accounts Receivable$651,875$2,254,651▲ $1,602,776
Prepaid Expenses and Deferred Charges$2,548,392$2,123,784▼ $424,608
Cash and Non-Interest-Bearing Accounts$1,114,994$566,508▼ $548,486
Savings and Temporary Cash Investments$291,280$562,829▲ $271,549
Pledges and Grants Receivable$150,314$483,970▲ $333,656
Inventories for Sale or Use$1,569$2,619▲ $1,050
Total Assets$49,945,898$50,983,822▲ $1,037,924
Other Assets Total$410,099--
Liabilities
Tax Exempt Bond Liabilities$26,307,881$26,315,417▲ $7,536
Mortgage Notes Payable Secured by Investment Property$7,262,206$8,552,466▲ $1,290,260
Accounts Payable and Accrued Expenses$1,072,774$1,192,220▲ $119,446
Deferred Revenue$338,230$373,755▲ $35,525
Other Liabilities$715,521$285,008▼ $430,513
Total Liabilities$35,696,612$36,718,866▲ $1,022,254
Net Assets / Fund Balance
Permanently Rstr Net Assets$11,558,343$11,629,956▲ $71,613
Temporarily Rstr Net Assets$2,530,082$1,779,441▼ $750,641
Unrestricted Net Assets$160,861$855,559▲ $694,698
Total Net Assets Fund Balance$14,249,286$14,264,956▲ $15,670
Total Liabilities and Net Assets / Fund Balance$49,945,898$50,983,822▲ $1,037,924

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,307,559$28,394,272$46,701,831
Equipment$6,445,678$5,544,970$11,990,648
Land$4,112,855-$4,112,855
Other Land Buildings$858,588$1,177,212$2,035,800
Investment Program Related Org$2,712,821--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$12,644,610$71,613▲ $943,990$22,089$13,114,789
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
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Phyllis Worthy DawkinsPresidentFT$184,610$24,570$209,180
Mr LeRoy Summers JrVice President, Business and FinanceFT$118,560$1,121$119,681
Ms Gisele AbronInterim Associate Vice President, Enrollment ManagementFT$72,255$723$72,978
Ms Latonya FlamerAssociate Vice President, Business and Finance/ControllerFT$72,267-$72,267
Ms Kim DryeInterim Associate Vice President, Student AffairsFT$63,733-$63,733
Dr Dorothy BrowneProvostFT$56,342-$56,342
Ms Anna HayesAssociate VP for Administrative ServicesFT$41,217-$41,217
Dr Lorraine AckerAssociate Vice President, Student AffairsFT$36,948$213$37,161

Highest Paid Contractors

ContractorServicesLocationCompensation
Sodexo Inc & AffiliatesFacilities/ Food ServicePO Box 536922, Atlanta, GA 30353-6922$2,281,529
Suggs Contracting & Painting IncConstruction ContractorP O Box 9158, Greensboro, NC 27429-9158$385,004
-RecruitmentP O Box 603519, Charlotte, NC 28260-3519$251,402
-Information Technology5540 Centerview Drive Suite 200, Raleigh, NC 27606$205,831
Olde Greensborough Construction IncConstruction Contractor3125 Kathleen Avenue 135, Greensboro, NC 27408$170,562
Revenue and Support

Revenue Composition

Contributions and Grants
$7,587,106
Program Service Revenue
$10,159,570
Investment Income
$3,483
Other Revenue
$610,824
All Other Contributions
$4,247,532
Change in Net Assets
$-217,990

Audited Revenue Reconciliation

Revenue per Audited Statements
$18,360,983
Revenue Not Reported on Form 990
$233,660
Total Revenue per Audited Statements
$18,594,643
Total Revenue per Form 990
$18,360,983
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$14,948,787
Grants and Similar Amounts Paid$2,957,627
Salaries, Compensation, and Employee Benefits$672,559
Total Fundraising Expense$344,187
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,545,424$1,387,896$344,187$3,277,507
Grants to Domestic Individuals$2,957,627--$2,957,627
All Other Expenses$1,931,559--$1,931,559
Current Officers, Directors, Trustees, and Key Employees-$672,559-$672,559
Total Functional Expenses$15,688,926$2,545,860$344,187$18,578,973

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$18,578,973
Total Expenses per Audited Statements$18,578,973
Total Expenses per Form 990$18,578,973
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
Federal income taxes$285,008
Advances from Federal Government for Student Loans-
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. Board members will be required to complete a statement, which will be maintained in individual members files.

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

The Board of Trustees, based on predetermined areas of performance, 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 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 proces.

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
Latonya Flamer
Title
Associate VP Business and Finance
Signed
2019-05-14
Discuss with paid preparer
Yes

Organization Details

Formed
1905
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
12
Employees
337
Volunteers
34

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 not 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 position as of June 30, 2018. Accordingly, no liability has been accrued.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Mr LeRoy Summers Jr
IRS990/Form990PartVIISectionAGrp/PersonNm1Dr Phyllis Worthy Dawkins
IRS990/Form990PartVIISectionAGrp/PersonNm2Reverend Arnetta Beverly
IRS990/Form990PartVIISectionAGrp/PersonNm3Dr James Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm4Dr Sara C Wrenn
IRS990/Form990PartVIISectionAGrp/PersonNm5Ms Andrea L Harris
IRS990/Form990PartVIISectionAGrp/PersonNm6Mrs Carolynn Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm7Ms Susie Johnson
IRS990/Form990PartVIISectionAGrp/PersonNm8Mrs Gwedolyn Mackel Rice
IRS990/Form990PartVIISectionAGrp/PersonNm9Senator Gladys Ashe Robinson PhD
IRS990/Form990PartVIISectionAGrp/PersonNm10Mr Rick Anicetti
IRS990/Form990PartVIISectionAGrp/PersonNm11Ms Paige Matthews
IRS990/Form990PartVIISectionAGrp/PersonNm12Mr Charles E Coote Jr
IRS990/Form990PartVIISectionAGrp/PersonNm13Mr Michael Godette
IRS990/Form990PartVIISectionAGrp/PersonNm14Dr Prenard R Mickens
IRS990/Form990PartVIISectionAGrp/PersonNm15Ms Kimberly Jessup Ripberger
IRS990/Form990PartVIISectionAGrp/PersonNm16Dr Dorothy Browne
IRS990/Form990PartVIISectionAGrp/PersonNm17Ms Anna Hayes
IRS990/Form990PartVIISectionAGrp/PersonNm18Ms Latonya Flamer
IRS990/Form990PartVIISectionAGrp/PersonNm19Ms Gisele Abron
IRS990/Form990PartVIISectionAGrp/PersonNm20Ms Kim Drye
IRS990/Form990PartVIISectionAGrp/PersonNm21Dr Lorraine Acker
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Vice President, Business and Finance
IRS990/Form990PartVIISectionAGrp/TitleTxt1President
IRS990/Form990PartVIISectionAGrp/TitleTxt2Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice-Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt7Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Chairwoman
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Provost
IRS990/Form990PartVIISectionAGrp/TitleTxt17Associate VP for Administrative Services
IRS990/Form990PartVIISectionAGrp/TitleTxt18Associate Vice President, Business and Finance/Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt19Interim Associate Vice President, Enrollment Management
IRS990/Form990PartVIISectionAGrp/TitleTxt20Interim Associate Vice President, Student Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt21Associate Vice President, Student Affairs
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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
2018Detailed filing. Detailed filing data is available for this year.$51.0$36.7$14.3$18.4$18.6$0.22
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$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