Civic Intelligence

Piedmont International University

990 • Fiscal year 2022 • EIN 56-0594591

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Organization ProfileN/A
420 South Broad StreetWinstonSalem, NC 27101

(336) 725-8344

Siviq Scores

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

Liabilities / Assets

79th percentile

0.75x

Higher debt load relative to assets than 79% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

70th percentile

0.85x

Higher debt load relative to revenue than 70% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Net Margin

17th percentile

-4.6%

Higher net margin than 17% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

54th percentile

$175,013

Higher top officer pay than 54% of similar nonprofits.

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

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Asset Growth

59th percentile

4.6%

Faster asset growth than 59% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

55th percentile

12%

Faster revenue growth than 55% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$17,637,146

Up $780,958 (+4.6%) from 2021

Net Assets

Down

$4,433,869

Down $1,905,219 (-30%) from 2021

Liabilities

Up

$13,203,277

Up $2,686,177 (+26%) from 2021

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin17th percentile

Revenue

Up

$15,458,525

Up $1,672,409 (+12%) from 2021

Expenses

Up

$16,165,709

Up $2,148,654 (+15%) from 2021

Net Income

Down

-$707,184

Down $476,245 (-206%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth59th percentile

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

$20M$15M$10M$5.0M$0Assets 2011: $3,871,514Liabilities 2011: $2,039,446Net Assets 2011: $1,832,0682011Assets 2012: $2,984,252Liabilities 2012: $1,732,794Net Assets 2012: $1,251,4582012Assets 2013: $3,066,644Liabilities 2013: $1,948,283Net Assets 2013: $1,118,3612013Assets 2014: $4,106,756Liabilities 2014: $2,935,139Net Assets 2014: $1,171,6172014Assets 2015: $8,397,626Liabilities 2015: $6,574,156Net Assets 2015: $1,823,4702015Assets 2016: $8,712,097Liabilities 2016: $7,055,554Net Assets 2016: $1,656,5432016Assets 2017: $6,991,297Liabilities 2017: $4,982,683Net Assets 2017: $2,008,6142017Assets 2018: $15,230,558Liabilities 2018: $7,406,984Net Assets 2018: $7,823,5742018Assets 2019: $16,273,835Liabilities 2019: $9,735,169Net Assets 2019: $6,538,6662019Assets 2020: $16,356,485Liabilities 2020: $9,401,617Net Assets 2020: $6,954,8682020Assets 2021: $16,856,188Liabilities 2021: $10,517,100Net Assets 2021: $6,339,0882021Assets 2022: $17,637,146Liabilities 2022: $13,203,277Net Assets 2022: $4,433,8692022Assets 2023: $17,964,166Liabilities 2023: $12,731,357Net Assets 2023: $5,232,8092023Assets 2024: $7,439,894Liabilities 2024: $6,210,188Net Assets 2024: $1,229,7062024

Highlighted filing

2022

Assets$17,637,146
Liabilities$13,203,277
Net Assets$4,433,869
Open 2022 Filing

Operations Trend

Revenue Growth55th percentile

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

$20M$10M$0-$10MExpenses 2011: $4,755,5732011Revenue 2012: $4,415,143Expenses 2012: $5,019,218Net Income 2012: -$604,0752012Revenue 2013: $4,852,719Expenses 2013: $5,023,215Net Income 2013: -$170,4962013Revenue 2014: $4,373,388Expenses 2014: $4,343,894Net Income 2014: $29,4942014Revenue 2015: $6,034,602Expenses 2015: $5,363,838Net Income 2015: $670,7642015Revenue 2016: $6,929,804Expenses 2016: $7,123,370Net Income 2016: -$193,5662016Revenue 2017: $7,224,015Expenses 2017: $6,900,526Net Income 2017: $323,4892017Revenue 2018: $14,840,437Expenses 2018: $9,026,196Net Income 2018: $5,814,2412018Revenue 2019: $11,598,941Expenses 2019: $12,719,145Net Income 2019: -$1,120,2042019Revenue 2020: $11,648,305Expenses 2020: $12,471,547Net Income 2020: -$823,2422020Revenue 2021: $13,786,116Expenses 2021: $14,017,055Net Income 2021: -$230,9392021Revenue 2022: $15,458,525Expenses 2022: $16,165,709Net Income 2022: -$707,1842022Revenue 2023: $18,789,212Expenses 2023: $18,011,849Net Income 2023: $777,3632023Revenue 2024: $15,772,748Expenses 2024: $19,326,448Net Income 2024: -$3,553,7002024

Highlighted filing

2022

Revenue$15,458,525
Expenses$16,165,709
Net Income-$707,184
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$15,458,525
Mission and Program Overview

Mission

A Christ-centered university committed to exceptional teaching, scholarly research, creative innovation, and professional collaboration.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,378,433$4,187,266▼ $1,191,167
Accounts Receivable$774,388$3,062,859▲ $2,288,471
Pledges and Grants Receivable$3,665,000$2,135,000▼ $1,530,000
Prepaid Expenses and Deferred Charges$126,936$266,722▲ $139,786
Other Notes and Loans Receivable, Net$251,402$230,202▼ $21,200
Cash and Non-Interest-Bearing Accounts$158,180$148,358▼ $9,822
Loans From Officers Directors$52,372$49,615▼ $2,757
Investments in Publicly Traded Securities$430,159$48,396▼ $381,763
Investments Other Securities$31,650$31,650→ $0
Receivables From Officers Etc$40,040$26,693▼ $13,347
Total Assets$16,856,188$17,637,146▲ $780,958
Other Assets Total$6,000,000$7,500,000▲ $1,500,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,129,922$5,914,059▼ $215,863
Unsecured Notes Loans Payable$3,410,481$5,401,949▲ $1,991,468
Accounts Payable and Accrued Expenses$481,044$1,480,439▲ $999,395
Deferred Revenue$440,344$354,441▼ $85,903
Other Liabilities$2,937$2,774▼ $163
Total Liabilities$10,517,100$13,203,277▲ $2,686,177
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,928,546$3,883,920▼ $44,626
Net Assets Without Donor Restrictions$2,410,542$549,949▼ $1,860,593
Total Net Assets Fund Balance$6,339,088$4,433,869▼ $1,905,219
Total Liabilities and Net Assets / Fund Balance$16,856,188$17,637,146▲ $780,958

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,793,923$4,060,820$5,854,743
Equipment$898,520$2,505,717$3,404,237
Land$1,494,823-$1,494,823
Other Assets Org$7,500,000--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$2,897,781$0▲ $39,016-$2,858,970
2020$2,841,008-▲ $95,148-$2,897,781
2019$2,822,678$13,300▲ $44,375-$2,841,008
2018$2,671,464$35,000▲ $89,657-$2,706,464
2017$792,064$1,879,400▲ $55,459-$2,671,464
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Gopalan SandeepExec. Vice PresidentFT$175,013$175,013
Petitt CharlesPresident/CEOFT$126,849$126,849
Condon SteveChancellorFT$121,919$121,919
Ronk ChristopherChief Financial OfficerFT$72,396$72,396
Edens ByronVice PresidentFT$70,236$70,236

Board Members and Trustees

NameTitle
Wilburn ShahnChairman of the Board
Steele MarkVice Chairman
Argano MattTrustee
Chapman KarolynTrustee
Decker RobTrustee
Hand MikeTrustee
Leavell DavidTrustee
Mitchener MikeTrustee
Rawlings HerbTrustee
Traxler DaleTrustee
Williams ChristieTrustee
Williams George AbieTrustee
Bryson Dana LuSecretary
Alford TonyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,065,975
Program Service Revenue
$12,236,786
Investment Income
$9,763
Other Revenue
$2,146,001
All Other Contributions
$1,065,975
Change in Net Assets
$-707,184
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,342,995
Other Expenses$5,421,338
Grants and Similar Amounts Paid$4,401,376
Total Fundraising Expense$445,084
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,539,308$449,722$124,550$5,113,580
Grants to Domestic Individuals$4,401,376--$4,401,376
All Other Expenses$412,599$360,770$26,095$799,464
Current Officers, Directors, Trustees, and Key Employees$502,803$49,814$13,796$566,413
Fees for Services Other$193,211$213,861-$407,072
Depreciation Depletion$404,202--$404,202
Payroll Taxes$306,701$23,559$10,719$340,979
Other Expenses$299,770$10,404$15,144$325,318
Travel$295,690$17,841$9,988$323,519
Other Employee Benefits$163,936$150,052$8,035$322,023
Interest$173,348$134,970-$308,318
Information Technology$264,993--$264,993
Advertising$2,375-$220,285$222,660
Insurance$59,970$95,614-$155,584
Office Expenses$29,165-$1,206$30,371
Total Functional Expenses$14,152,886$1,567,739$445,084$16,165,709
International Activity

International Summary

Offices
0
Employees
0
Spending
$0

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$52,372$49,615▼ $2,757
Receivables from Officers, Directors, Trustees, and Key Employees$40,040$26,693▼ $13,347
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rickard annuity$2,774
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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 990 is reviewed by the Finance Committee before it is filed.”

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

“Officers, trustees, and key employees are required to complete a yearly survey and agree with the policy that is currently in place.”

Form 990, Part VI, Section B, line 15

“The Board meets in executive sessions to consider salaries for top officials. Compensation is determined by budget contraints as well as input from the president and board members.”

Form 990, Part VI, Section C, line 19

“The Organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Carolina University
EIN
56-0594591
Phone
3367258344
Address
420 South Broad Street, WinstonSalem, NC 27101

Signing Officer

Name
Christopher Ronk
Title
Chief Financial Officer
Phone
3367258344
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Christopher Ronk
Formed
1947
Legal Domicile
Nc
Voting Board Members
19
Independent Board Members
14
Employees
0
Volunteers
4

Preparer

Firm
Haynes Downard LLP
Address
3161 Cahaba Heights Road Suite 203, Birmingham, AL 35243
Preparer
J Max Campbell Jr
Phone
2052543380
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Alabama campus expenses -202,288. Fair value adjustment on real estate held for sale 575,000. Loss on uncollectible contribution receivable -1,600,000.”

Form 990, Page 12, Part XII, Line 2C

“The organization has not changed its oversight process or selection process of the audit from the prior year.”

Form 990, Page 12, Part XII, Line 3B

“The Organization is in the process of undergoing the required audits.”

Financial Statement Notes

Part X, Line 2:

“As of June 30, 2022, the University has no uncertain tax positions that require recognition or disclosure in the financial statements.”

Raw XML AppendixShowing 400 of 681 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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IRS990/Form990PartVIISectionAGrp/PersonNm6Traxler Dale
IRS990/Form990PartVIISectionAGrp/PersonNm7Williams Christie
IRS990/Form990PartVIISectionAGrp/PersonNm8Williams George Abie
IRS990/Form990PartVIISectionAGrp/PersonNm9Rawlings Herb
IRS990/Form990PartVIISectionAGrp/PersonNm10Alford Tony
IRS990/Form990PartVIISectionAGrp/PersonNm11Bryson Dana Lu
IRS990/Form990PartVIISectionAGrp/PersonNm12Steele Mark
IRS990/Form990PartVIISectionAGrp/PersonNm13Wilburn Shahn
IRS990/Form990PartVIISectionAGrp/PersonNm14Condon Steve
IRS990/Form990PartVIISectionAGrp/PersonNm15Ronk Christopher
IRS990/Form990PartVIISectionAGrp/PersonNm16Gopalan Sandeep
IRS990/Form990PartVIISectionAGrp/PersonNm17Edens Byron
IRS990/Form990PartVIISectionAGrp/PersonNm18Petitt Charles
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt5Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt6Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt12Vice Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt13Chairman of the Board
IRS990/Form990PartVIISectionAGrp/TitleTxt14Chancellor
IRS990/Form990PartVIISectionAGrp/TitleTxt15Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt16Exec. Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt17Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt18President/CEO
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IRS990/InsuranceGrp/ProgramServicesAmt059970
IRS990/InsuranceGrp/TotalAmt0155584
IRS990/InterestGrp/ManagementAndGeneralAmt0134970
IRS990/InterestGrp/ProgramServicesAmt0173348
IRS990/InterestGrp/TotalAmt0308318
IRS990/InvestmentIncomeGrp/ExclusionAmt09763
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt09763
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IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt031650
IRS990/InvestmentsPubTradedSecGrp/BOYAmt0430159
IRS990/InvestmentsPubTradedSecGrp/EOYAmt048396
IRS990/IRPDocumentCnt080
IRS990/IRPDocumentW2GCnt0246
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IRS990/LandBldgEquipCostOrOtherBssAmt010753803
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IRS990/LoansFromOfficersDirectorsGrp/EOYAmt049615
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IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0A Christ-centered university committed to exceptional teaching, scholarly research, creative innovation, and professional collaboration.
IRS990/MoreThan5000KToIndividualsInd01
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt06129922
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt05914059
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IRS990/NetAssetsOrFundBalancesEOYAmt04433869
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt029253
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt02410542
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IRS990/OfficeExpensesGrp/FundraisingAmt01206
IRS990/OfficeExpensesGrp/ProgramServicesAmt029165
IRS990/OfficeExpensesGrp/TotalAmt030371
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt06000000
IRS990/OtherAssetsTotalGrp/EOYAmt07500000
IRS990/OtherChangesInNetAssetsAmt0-1227288
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt08035
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0150052
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0163936
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0322023
IRS990/OtherExpensesGrp/Desc0Meal plan
IRS990/OtherExpensesGrp/Desc1Repairs and maintenance
IRS990/OtherExpensesGrp/Desc2Other expenses
IRS990/OtherExpensesGrp/Desc3Supplies
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IRS990/OtherExpensesGrp/FundraisingAmt115144
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt061132
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt110404
IRS990/OtherExpensesGrp/ProgramServicesAmt01150188
IRS990/OtherExpensesGrp/ProgramServicesAmt1590670
IRS990/OtherExpensesGrp/ProgramServicesAmt2362581
IRS990/OtherExpensesGrp/ProgramServicesAmt3299770
IRS990/OtherExpensesGrp/TotalAmt01150188
IRS990/OtherExpensesGrp/TotalAmt1590670
IRS990/OtherExpensesGrp/TotalAmt2438979
IRS990/OtherExpensesGrp/TotalAmt3325318
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IRS990/OtherLiabilitiesGrp/EOYAmt02774
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IRS990/OtherRevenueMiscGrp/Desc1Other revenue
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt198074
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt198074
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt0124550
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0449722
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt04539308
IRS990/OtherSalariesAndWagesGrp/TotalAmt05113580
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0251402
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0230202
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt010719
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt023559
IRS990/PayrollTaxesGrp/ProgramServicesAmt0306701
IRS990/PayrollTaxesGrp/TotalAmt0340979
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt03665000
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt02135000
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0126936
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0266722
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt11700780
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt11700780
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt03846781
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,637,146
Liabilities
$13,203,277
Net assets
$4,433,869
Revenue
$15,458,525
Expenses
$16,165,709
Net income
-$707,184
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.44$6.21$1.23$15.8$19.3$3.55
2023Detailed filing. Detailed filing data is available for this year.$18.0$12.7$5.23$18.8$18.0$0.78
2022Detailed filing. Detailed filing data is available for this year.$17.6$13.2$4.43$15.5$16.2$0.71
2021Detailed filing. Detailed filing data is available for this year.$16.9$10.5$6.34$13.8$14.0$0.23
2020Summary only. Only limited summary data is available for this year.$16.4$9.40$6.95$11.6$12.5$0.82
2019Detailed filing. Detailed filing data is available for this year.$16.3$9.74$6.54$11.6$12.7$1.12
2018Detailed filing. Detailed filing data is available for this year.$15.2$7.41$7.82$14.8$9.03$5.81
2017Detailed filing. Detailed filing data is available for this year.$6.99$4.98$2.01$7.22$6.90$0.32
2016Detailed filing. Detailed filing data is available for this year.$8.71$7.06$1.66$6.93$7.12$0.19
2015Detailed filing. Detailed filing data is available for this year.$8.40$6.57$1.82$6.03$5.36$0.67
2014Detailed filing. Detailed filing data is available for this year.$4.11$2.94$1.17$4.37$4.34$0.03
2013Summary only. Only limited summary data is available for this year.$3.07$1.95$1.12$4.85$5.02$0.17
2012Summary only. Only limited summary data is available for this year.$2.98$1.73$1.25$4.42$5.02$0.60
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.87$2.04$1.83$4.76