Civic Intelligence

Chowan University

EIN 56-0554199 • 501(c)3 • Murfreesboro, NC

Profile

Chowan university is a comprehensive coeducational institution committed to excellence in teaching, learning, scholarly inquiry, and service. The university provides the environment for students to become learners who possess the skills, knowledge, creativity, and ethical values necessary to survive and flourish in a rapidly changing, culturally diverse, global society. Chowan university, as a church-related institution, was founded upon and is dedicated to judeo-christian values. Consistent with this heritage, the university is guided by the historic principles of religious and intellectual freedom, academic excellence, the dignity and worth of each individual, an atmosphere of open dialogue, freedom of inquiry and expression, and a moral commitment to the pursuit of truth.

One University PlaceMurfreesboro, NC 27855

www.chowan.edu

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

35th percentile

0.11x

Higher debt load relative to assets than 35% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

45th percentile

0.27x

Higher debt load relative to revenue than 45% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

14th percentile

-11%

Higher net margin than 14% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

33rd percentile

$269,419

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

12th percentile

-5.3%

Faster asset growth than 12% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

15th percentile

-11%

Faster revenue growth than 15% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Down

$85,679,762

Down $1,908,935 (-2.2%) from 2023

Liabilities

Down

$8,858,643

Down $1,071,412 (-11%) from 2023

Net Assets

Down

$76,821,119

Down $837,523 (-1.1%) from 2023

Revenue

Down

$29,555,769

Down $6,556,388 (-18%) from 2023

Expenses

Down

$32,745,660

Down $7,498,908 (-19%) from 2023

Net Income

Up

-$3,189,891

Up $942,520 (+23%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2011: $48,346,253Liabilities 2011: $6,820,112Net Assets 2011: $41,526,1412011Assets 2012: $51,689,534Liabilities 2012: $6,582,209Net Assets 2012: $45,107,3252012Assets 2013: $56,997,387Liabilities 2013: $5,729,930Net Assets 2013: $51,267,4572013Assets 2014: $60,365,472Liabilities 2014: $3,690,869Net Assets 2014: $56,674,6032014Assets 2015: $64,800,407Liabilities 2015: $3,541,758Net Assets 2015: $61,258,6492015Assets 2016: $77,514,008Liabilities 2016: $14,690,232Net Assets 2016: $62,823,7762016Assets 2017: $80,133,929Liabilities 2017: $12,741,320Net Assets 2017: $67,392,6092017Assets 2018: $81,981,326Liabilities 2018: $12,392,391Net Assets 2018: $69,588,9352018Assets 2019: $82,623,389Liabilities 2019: $11,487,565Net Assets 2019: $71,135,8242019Assets 2020: $91,084,339Liabilities 2020: $13,926,008Net Assets 2020: $77,158,3312020Assets 2021: $98,045,525Liabilities 2021: $12,810,003Net Assets 2021: $85,235,5222021Assets 2022: $92,478,442Liabilities 2022: $9,967,450Net Assets 2022: $82,510,9922022Assets 2023: $87,588,697Liabilities 2023: $9,930,055Net Assets 2023: $77,658,6422023Assets 2024: $85,679,762Liabilities 2024: $8,858,643Net Assets 2024: $76,821,1192024

Highlighted filing

2024

Assets$85,679,762
Liabilities$8,858,643
Net Assets$76,821,119

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0-$20MExpenses 2011: $27,996,0192011Expenses 2012: $30,543,1992012Expenses 2013: $33,251,2212013Revenue 2014: $40,164,507Expenses 2014: $35,715,454Net Income 2014: $4,449,0532014Revenue 2015: $45,405,526Expenses 2015: $39,811,047Net Income 2015: $5,594,4792015Revenue 2016: $44,120,794Expenses 2016: $42,611,394Net Income 2016: $1,509,4002016Revenue 2017: $50,511,181Expenses 2017: $45,763,816Net Income 2017: $4,747,3652017Revenue 2018: $49,592,718Expenses 2018: $47,407,370Net Income 2018: $2,185,3482018Revenue 2019: $48,147,553Expenses 2019: $45,726,537Net Income 2019: $2,421,0162019Revenue 2020: $49,848,221Expenses 2020: $44,788,263Net Income 2020: $5,059,9582020Revenue 2021: $45,020,286Expenses 2021: $41,850,270Net Income 2021: $3,170,0162021Revenue 2022: $40,741,279Expenses 2022: $38,994,279Net Income 2022: $1,747,0002022Revenue 2023: $36,112,157Expenses 2023: $40,244,568Net Income 2023: -$4,132,4112023Revenue 2024: $29,555,769Expenses 2024: $32,745,660Net Income 2024: -$3,189,8912024

Highlighted filing

2024

Revenue$29,555,769
Expenses$32,745,660
Net Income-$3,189,891

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$85.7$8.86$76.8$29.6$32.7$3.19
2023Detailed filing. Detailed filing data is available for this year.$87.6$9.93$77.7$36.1$40.2$4.13
2022Detailed filing. Detailed filing data is available for this year.$92.5$9.97$82.5$40.7$39.0$1.75
2021Detailed filing. Detailed filing data is available for this year.$98.0$12.8$85.2$45.0$41.9$3.17
2020Detailed filing. Detailed filing data is available for this year.$91.1$13.9$77.2$49.8$44.8$5.06
2019Detailed filing. Detailed filing data is available for this year.$82.6$11.5$71.1$48.1$45.7$2.42
2018Summary only. Only limited summary data is available for this year.$82.0$12.4$69.6$49.6$47.4$2.19
2017Detailed filing. Detailed filing data is available for this year.$80.1$12.7$67.4$50.5$45.8$4.75
2016Detailed filing. Detailed filing data is available for this year.$77.5$14.7$62.8$44.1$42.6$1.51
2015Detailed filing. Detailed filing data is available for this year.$64.8$3.54$61.3$45.4$39.8$5.59
2014Detailed filing. Detailed filing data is available for this year.$60.4$3.69$56.7$40.2$35.7$4.45
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.0$5.73$51.3$33.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.7$6.58$45.1$30.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.3$6.82$41.5$28.0
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jun 1, 2023 to May 31, 2024
Signed
Apr 11, 2025
Return Version
2023v6.0
Gross Receipts
$37,093,871
Mission and Program Overview

Mission

Chowan university is a comprehensive coeducational institution committed to excellence in teaching, learning, scholarly inquiry, and service. The university provides the environment for students to become learners who possess the skills, knowledge, creativity, and ethical values necessary to survive and flourish in a rapidly changing, culturally diverse, global society. Chowan university, as a church-related institution, was founded upon and is dedicated to judeo-christian values. Consistent with this heritage, the university is guided by the historic principles of religious and intellectual freedom, academic excellence, the dignity and worth of each individual, an atmosphere of open dialogue, freedom of inquiry and expression, and a moral commitment to the pursuit of truth.

Institution of private higher education providing undergraduate and graduate curriculums.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$44,928,508$44,973,775▲ $45,267
Investments in Publicly Traded Securities$26,640,171$29,429,419▲ $2,789,248
Savings and Temporary Cash Investments$11,280,985$5,656,455▼ $5,624,530
Pledges and Grants Receivable$379,561$2,006,125▲ $1,626,564
Investments Other Securities$1,904,860$1,775,128▼ $129,732
Prepaid Expenses and Deferred Charges$569,882$589,784▲ $19,902
Accounts Receivable$746,131$488,819▼ $257,312
Cash and Non-Interest-Bearing Accounts$809,345$412,945▼ $396,400
Inventories for Sale or Use$125,023$169,158▲ $44,135
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
Loans From Officers Directors$0$0→ $0
Total Assets$87,588,697$85,679,762▼ $1,908,935
Other Assets Total$204,231$178,154▼ $26,077
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,431,856$6,923,065▼ $508,791
Accounts Payable and Accrued Expenses$2,189,113$1,704,998▼ $484,115
Deferred Revenue$309,086$230,580▼ $78,506
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$9,930,055$8,858,643▼ $1,071,412
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$46,013,834$43,677,583▼ $2,336,251
Net Assets With Donor Restrictions$31,644,808$33,143,536▲ $1,498,728
Total Net Assets Fund Balance$77,658,642$76,821,119▼ $837,523
Total Liabilities and Net Assets / Fund Balance$87,588,697$85,679,762▼ $1,908,935

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$28,879,884$30,609,893$59,489,777
Equipment$1,801,898$15,767,634$17,569,532
Land$12,877,977-$10,785,938
Other Land Buildings$1,414,016$6,609,702$8,023,718

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$26,680,590$1,150,203▲ $3,803,084-$30,214,179
2022$27,720,520$283,638▲ $144,643-$26,680,590
2021$33,191,264$570,871▼ $4,418,936-$27,720,520
2020$27,186,001$535,374▲ $6,763,011-$33,191,264
2019$26,183,183$458,226▲ $1,823,749-$27,186,001
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kirk E PetersonFormer President-$37,771$257,382$295,153
Danny B MooreVP for Acad. Affairs, ProvostFT$201,800$18,575$220,375
Patrick MashudaAvp for Athletics, ComplianceFT$95,490$73,621$169,111
Andy WilsonVP for Enroll&dev (thru 12/23)FT$134,532$21,719$156,251
John DilustroAssociate ProvostFT$89,897$61,411$151,308
Charles E TaylorInterim President (thru 03/24)FT$114,231$1,962$116,193
Brenda TinkhamDept. Chair of Teacher Edu.FT$106,130$5,780$111,910
Elizabeth HedrickAvp for Human ResourcesFT$106,671$4,275$110,946
Charles L Revelle IiiGeneral CouncilPT$95,865-$95,865
Stephanie FurloughAvp for Business/asst Corp SecFT$64,449$23,647$88,096
Donnie O ClaryInterim VP for Business AffairFT$48,560$2,690$51,250

Board Members and Trustees

NameTitle
Austine O EvansBoard Chair (as of 01/24)
Harold W BabbTrustee/board Chair
Rosemary ThomasPresident (as of 03/24)
Cecil S Hollomon JrBoard Vice Chair (as of 01/24)
Kemper W BakerTrustee/board Vice Chair
Barry E WhitakerTrustee
Billy R HowellTrustee
Charles B Pond IiiTrustee
Elaine E MyersTrustee
Garry WhitakerTrustee
Harvey W ReinhardtTrustee
Hugh Butch WilsonTrustee
James M EasonTrustee
James T Johnson JrTrustee
James W MasonTrustee
Jane B BurkeTrustee
Jane E NewsomeTrustee
Jesse E VaughanTrustee
Jessica K DrakeTrustee
Julian R Mills SrTrustee
Linda B WeaverTrustee
Lisa L TurnerTrustee
Lloyd L HillTrustee
Lynette BunchTrustee
Mary Anne CroomTrustee
Mike HendleyTrustee
Miley W GloverTrustee
Milton OuttenTrustee
Ray FeltonTrustee
Robbie ParkerTrustee
Ronald L HicksTrustee
Shirley B BrownTrustee
Stanley E Dixon JrTrustee
W Frank Rose JrTrustee
Walter F PierceTrustee
Betty Jo ShepheardTrustee (as of 01/24)
Blake BlytheTrustee (as of 01/24)
Grace G BrownTrustee (as of 01/24)
Anthony M Rawlings SrTrustee (thru 12/23)
Deborah B VinsonTrustee (thru 12/23)
Sarah Virginia ParkerTrustee (thru 12/23)

Highest Paid Contractors

ContractorServicesLocationCompensation
Monteith Construction CorpConstruction208 Princess Street, Wilmington, NC 28401$3,194,511
Pioneer College Caterers INCFood Service303 GLENROSE AVENUE, Nashville, TN 37210-4831$1,657,068
Dominion Energy North CarolinaUtilityPO BOX 26543, Richmond, VA 23290-0001$779,409
Aramark CorporationCustodial24818 NETWORK PLACE, Chicago, IL 60673-1248$626,677
Bsn SportsAthletic Equip.&gearPO BOX 49, Jenkintown, PA 19046$506,215
Revenue and Support

Revenue Composition

Contributions and Grants
$5,468,611
Program Service Revenue
$22,232,235
Investment Income
$1,319,984
Other Revenue
$534,939
All Other Contributions
$3,714,300
Change in Net Assets
$-3,189,891

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,139,207
Revenue Not Reported on Financial Statements
$10,416,562
Revenue Not Reported on Form 990
$2,352,368
Other Revenue Adjustments
$10,329,295
Total Revenue per Audited Statements
$21,491,575
Total Revenue per Form 990
$29,555,769
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,568,596
Salaries, Compensation, and Employee Benefits$10,847,769
Grants and Similar Amounts Paid$10,329,295
Total Fundraising Expense$961,744
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$10,329,295--$10,329,295
Other Salaries and Wages$6,853,274$1,135,260$515,220$8,503,754
Fees for Services Other$3,003,588$716,459$297,522$4,017,569
Depreciation Depletion$2,433,986$111,492-$2,545,478
Other Employee Benefits$756,933$244,101$46,397$1,047,431
Occupancy$947,037$87,792-$1,034,829
Travel$972,639$14,629$9,303$996,571
Insurance$117,280$606,553-$723,833
Payroll Taxes$490,035$119,166$30,037$639,238
Current Officers, Directors, Trustees, and Key Employees-$616,937-$616,937
Office Expenses$305,386$75,921$26,164$407,471
All Other Expenses$308,735$79,769$1,684$390,188
Interest$275,105$12,602-$287,707
Fees for Services Accounting-$149,403-$149,403
Fees for Service Investment Mgmnt Fees-$87,267-$87,267
Fees for Services Legal-$83,160-$83,160
Other Expenses$1,380$46,571$14,136$46,571
Pension Plan Contributions$25,685$13,150$1,574$40,409
Conferences and Meetings$17,746$3,369-$21,115
Advertising--$19,707$19,707
Information Technology-$12,801-$12,801
Total Functional Expenses$27,476,521$4,307,395$961,744$32,745,660

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$32,745,660
Expenses per Audited Statements$22,329,098
Total Expenses per Audited Statements$22,329,098
Expenses Not Reported on Financial Statements$10,416,562
Other Expense Adjustments$10,329,295
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
Boyette Robertson InsuranceTrusteeInsurance PoliciesNo$243,810

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
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
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 A, LINE 2:

Trustees barry e. Whitaker and garry whitaker - family relationship.

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

The form 990 was provided to the members of the business affairs committee of the board of trustees for their review and comment before finalizing the return. The finalized copy of the form 990, with names and addresses redacted on schedule b, was made available to the full board of trustees through email, hard copy, or posting on the university website, restricted to trustee use.

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

The university distributes a copy of the conflict of interest policy, as stated in the university's bylaws, to the board of trustees and administrative officers. The trustees are asked annually to sign a form confirming that they have read and understand the university's conflict of interest policy and agree to disclose any activities, interests or relationships that may create a conflict of interest.

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

The executive committee of the board of trustees meets annually to evaluate the performance of top management officials, including officers and key employees. During this evaluation process, the committee completes questionnaires and ratings of the president in various areas. The committee reviews statistical and comparative salary information provided by the north carolina associations of independent colleges and universities for private higher education management and officers in north carolina. The executive committee then recommends the president's salary for the upcoming fiscal year, subject to approval of the president's contract by the full board of trustees. The committee reviews salary recommendations for the senior administrative staff, which are approved by the board during the budget process.

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

Requests made in person will be made available within five business days. Requests made in writing will be made available within 30 days. Documents are made available for the period of time set forth in 6104(d).

Filing and Contact Details

Filer

Filer Name
Chowan University
EIN
56-0554199
In Care Of
% CALEB D RIGGLEMAN
Phone
2523986500
Address
ONE UNIVERSITY PLACE, MURFREESBORO, NC 27855

Signing Officer

Name
Caleb D Riggleman
Title
VP for Bus. Affairs
Phone
2523986500
Signed
2025-04-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Rosemary M Thomas
Formed
1849
Legal Domicile
Nc
Voting Board Members
37
Independent Board Members
36
Employees
556
Volunteers
44

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 XI, LINE 9:

Change in split interest agreement ($129,732) total to form 990, part xi, line 9 ($129,732)

FORM 990, PART XII, LINE 2C:

The business affairs committee assumes responsibility for oversight of the audit of the university's financial statements and selection of an independent auditor.

Form 990 Part IX Line 11G

Description:food service total fees:1583974

Form 990 Part IX Line 11G

Description:custodial services total fees:626677

Form 990 Part IX Line 11G

Description:marketing/recruiting svcs total fees:624215

Form 990 Part IX Line 11G

Description:it - ma total fees:500598

Form 990 Part IX Line 11G

Description:athl officials&video svcs total fees:187238

Form 990 Part IX Line 11G

Description:credit card services total fees:102079

Form 990 Part IX Line 11G

Description:maintenance contracts total fees:100255

Form 990 Part IX Line 11G

Description:fundraising services total fees:78150

Form 990 Part IX Line 11G

Description:academic & title ix svcs total fees:73678

Form 990 Part IX Line 11G

Description:library subscriptions total fees:49163

Form 990 Part IX Line 11G

Description:health services total fees:41076

Form 990 Part IX Line 11G

Description:security services total fees:17070

Form 990 Part IX Line 11G

Description:miscellaneous total fees:33396

Financial Statement Notes

SCHEDULE D, PART III, LINE 4:

The university's collectibles consist primarily of paintings, jewelry and furniture are available for public exhibition and preservation for future generations.

SCHEDULE D, PART V, LINE 4:

Earnings from the endowment funds are available for the purpose specified in the donor's agreement, primarily scholarship allowances to students and support to university programs.

SCHEDULE D, PART X, LINE 2:

The University has a tax determination letter from the Internal Revenue Service stating that it qualifies under the provision of the applicable Internal Revenue Code and is exempt from federal income taxes. Accordingly, no provision for income taxes has been made in the accompanying financial statements. Management evaluated the University's tax positions and concluded that the University had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of the Income Taxes Topic of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). The University files a Form 990-T in accordance with applicable U.S. federal regulations.

SCHEDULE D, PART XI, LINE 2D:

Change in split interest agreement ($129,732)

SCHEDULE D, PART XI, LINE 4B:

Scholarship allowances $10,329,295

SCHEDULE D, PART XII, LINE 4B:

Scholarship allowances $10,329,295

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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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IRS990/Form990PartVIISectionAGrp/PersonNm37SARAH VIRGINIA PARKER
IRS990/Form990PartVIISectionAGrp/PersonNm38WALTER F PIERCE
IRS990/Form990PartVIISectionAGrp/PersonNm39CHARLES B POND III
IRS990/Form990PartVIISectionAGrp/PersonNm40ANTHONY M RAWLINGS SR
IRS990/Form990PartVIISectionAGrp/PersonNm41HARVEY W REINHARDT
IRS990/Form990PartVIISectionAGrp/PersonNm42W FRANK ROSE JR
IRS990/Form990PartVIISectionAGrp/PersonNm43BETTY JO SHEPHEARD
IRS990/Form990PartVIISectionAGrp/PersonNm44LISA L TURNER
IRS990/Form990PartVIISectionAGrp/PersonNm45JESSE E VAUGHAN
IRS990/Form990PartVIISectionAGrp/PersonNm46DEBORAH B VINSON
IRS990/Form990PartVIISectionAGrp/PersonNm47LINDA B WEAVER

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