Civic Intelligence

Livingstone College

990 • Fiscal year 2018 • EIN 56-0603922

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

701 West Monroe StreetSalisbury, NC 28144

(704) 216-6025

Siviq Scores

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

Liabilities / Assets

68th percentile

0.42x

Higher debt load relative to assets than 68% of similar nonprofits.

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

Liabilities / Revenue

73rd percentile

0.87x

Higher debt load relative to revenue than 73% of similar nonprofits.

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

Net Margin

26th percentile

-2.9%

Higher net margin than 26% of similar nonprofits.

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

Top Officer Pay

54th percentile

$347,088

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

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

Asset Growth

75th percentile

6.6%

Faster asset growth than 75% of similar nonprofits.

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

Revenue Growth

23rd percentile

-6.4%

Faster revenue growth than 23% of similar nonprofits.

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

Assets

Up

$71,562,733

Up $4,414,678 (+6.6%) from 2017

Net Assets

Down

$41,836,126

Down $275,033 (-0.7%) from 2017

Liabilities

Up

$29,726,607

Up $4,689,711 (+19%) from 2017

Revenue

Down

$34,165,494

Down $2,333,510 (-6.4%) from 2017

Expenses

Up

$35,156,221

Up $1,693,556 (+5.1%) from 2017

Net Income

Down

-$990,727

Down $4,027,066 (-133%) from 2017

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $45,932,024Liabilities 2010: $12,898,587Net Assets 2010: $33,033,4372010Assets 2011: $55,549,373Liabilities 2011: $19,887,230Net Assets 2011: $35,662,1432011Assets 2012: $54,094,278Liabilities 2012: $18,532,438Net Assets 2012: $35,561,8402012Assets 2013: $58,999,124Liabilities 2013: $23,793,122Net Assets 2013: $35,206,0022013Assets 2014: $58,078,296Liabilities 2014: $22,174,514Net Assets 2014: $35,903,7822014Assets 2015: $63,379,976Liabilities 2015: $26,201,836Net Assets 2015: $37,178,1402015Assets 2016: $65,493,639Liabilities 2016: $26,666,336Net Assets 2016: $38,827,3032016Assets 2017: $67,148,055Liabilities 2017: $25,036,896Net Assets 2017: $42,111,1592017Assets 2018: $71,562,733Liabilities 2018: $29,726,607Net Assets 2018: $41,836,1262018Assets 2019: $74,842,116Liabilities 2019: $31,872,829Net Assets 2019: $42,969,2872019Assets 2020: $83,467,495Liabilities 2020: $37,896,803Net Assets 2020: $45,570,6922020Assets 2021: $87,006,001Liabilities 2021: $4,870,309Net Assets 2021: $82,135,6922021Assets 2022: $90,055,878Liabilities 2022: $6,042,555Net Assets 2022: $84,013,3232022Assets 2023: $94,402,165Liabilities 2023: $12,814,831Net Assets 2023: $81,587,3342023Assets 2024: $100,144,198Liabilities 2024: $19,221,724Net Assets 2024: $80,922,4742024

Highlighted filing

2018

Assets$71,562,733
Liabilities$29,726,607
Net Assets$41,836,126

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $26,567,4562010Expenses 2011: $28,188,1672011Expenses 2012: $29,705,5752012Expenses 2013: $29,305,1412013Revenue 2014: $32,762,952Expenses 2014: $32,144,023Net Income 2014: $618,9292014Revenue 2015: $37,656,714Expenses 2015: $36,418,835Net Income 2015: $1,237,8792015Revenue 2016: $36,986,346Expenses 2016: $34,674,418Net Income 2016: $2,311,9282016Revenue 2017: $36,499,004Expenses 2017: $33,462,665Net Income 2017: $3,036,3392017Revenue 2018: $34,165,494Expenses 2018: $35,156,221Net Income 2018: -$990,7272018Revenue 2019: $35,556,202Expenses 2019: $34,749,188Net Income 2019: $807,0142019Revenue 2020: $37,955,439Expenses 2020: $35,409,950Net Income 2020: $2,545,4892020Revenue 2021: $42,495,436Expenses 2021: $38,692,388Net Income 2021: $3,803,0482021Revenue 2022: $41,830,607Expenses 2022: $39,251,730Net Income 2022: $2,578,8772022Revenue 2023: $38,000,551Expenses 2023: $40,857,554Net Income 2023: -$2,857,0032023Revenue 2024: $36,914,223Expenses 2024: $38,261,674Net Income 2024: -$1,347,4512024

Highlighted filing

2018

Revenue$34,165,494
Expenses$35,156,221
Net Income-$990,727
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$34,165,494
Mission and Program Overview

Mission

The College provides a Christian based environment suitable for learning, it provides liberal arts and religious programs for students from all ethnic backgrounds designed to develop their potential for leadership and service to a global community.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$41,041,943$44,376,629▲ $3,334,686
Investments Other Securities$14,097,761$13,731,987▼ $365,774
Investments in Publicly Traded Securities$3,118,600$4,626,084▲ $1,507,484
Cash and Non-Interest-Bearing Accounts$3,008,617$3,001,503▼ $7,114
Accounts Receivable$1,897,657$1,979,436▲ $81,779
Pledges and Grants Receivable$481,770$426,095▼ $55,675
Prepaid Expenses and Deferred Charges$744,179$216,749▼ $527,430
Savings and Temporary Cash Investments$102,054$136,438▲ $34,384
Inventories for Sale or Use$66,006$56,526▼ $9,480
Total Assets$67,148,055$71,562,733▲ $4,414,678
Other Assets Total$2,589,468$3,011,286▲ $421,818
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,802,666$25,171,667▲ $3,369,001
Accounts Payable and Accrued Expenses$1,996,400$3,510,109▲ $1,513,709
Tax Exempt Bond Liabilities$681,148$647,731▼ $33,417
Other Liabilities$556,682$397,100▼ $159,582
Total Liabilities$25,036,896$29,726,607▲ $4,689,711
Net Assets / Fund Balance
Unrestricted Net Assets$36,214,033$36,346,812▲ $132,779
Temporarily Rstr Net Assets$4,528,371$4,120,559▼ $407,812
Permanently Rstr Net Assets$1,368,755$1,368,755→ $0
Total Net Assets Fund Balance$42,111,159$41,836,126▼ $275,033
Total Liabilities and Net Assets / Fund Balance$67,148,055$71,562,733▲ $4,414,678

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$35,786,006$37,303,880$73,089,886
Equipment$8,475,133$8,834,607$17,309,740
Land$115,490-$115,490
Other Securities$13,731,987--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,431,340-▲ $1,276,992-$1,431,340
2016$1,431,340-▲ $247,517-$1,431,340
2015$1,431,340-▼ $164,870-$1,431,340
2014$1,412,451$18,889▲ $36,479-$1,431,340
2013$1,339,666$72,785▲ $78,851-$1,412,451
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Jimmy R JenkinsPresidentFT$333,096$13,992$347,088
Mr Reginald DickensVice President for Business and FinanceFT$180,000$8,375$188,375
Dr Carolyn DuncanVice President for Academic AffairsFT$157,500$8,375$157,500
Dr Orlando LewisVice President for Student AffairsFT$107,000-$107,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Perkins Management ServicesFood Service Management203 Rowan Street, Fayetteville, NC 28305$1,448,882
KMD Construction LLCConstruction Contractor1001 Old West Innes Street, Salisbury, NC 28144$1,041,705
Davidson Heating & Air IncHVAC Contractor389 Junior Order Home Road, Lexington, NC 27292$1,024,886
North Carolina Service CompanyGrounds MaintenancePO Box 27541, Raleigh, NC 27611$894,465
Harris-Smith LLCArchitectural Design Services260 Peachtree Street Suite 2600, Atlanta, GA 30303$484,875
Revenue and Support

Revenue Composition

Contributions and Grants
$5,575,145
Program Service Revenue
$27,358,955
Investment Income
$66,994
Other Revenue
$1,164,400
All Other Contributions
$2,710,429
Change in Net Assets
$-990,727

Audited Revenue Reconciliation

Revenue per Audited Statements
$34,165,494
Revenue Not Reported on Form 990
$1,276,992
Total Revenue per Audited Statements
$35,442,486
Total Revenue per Form 990
$34,165,494
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$29,661,059
Grants and Similar Amounts Paid$4,695,199
Salaries, Compensation, and Employee Benefits$799,963
Total Fundraising Expense$192,631
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$1,627,573$12,357,554$192,631$14,177,758
Grants to Domestic Individuals$4,695,199--$4,695,199
All Other Expenses$4,338,867--$4,338,867
Current Officers, Directors, Trustees, and Key Employees-$799,963-$799,963
Total Functional Expenses$20,935,834$14,027,756$192,631$35,156,221

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$35,717,519
Expenses per Audited Statements$35,156,221
Total Expenses per Form 990$35,156,221
Expenses Not Reported on Form 990$561,298
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$397,100
Capital lease obligation-
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 College presents the Form 990 to its finance/audit committee for review when the form is ready. Depending on when the committee meets and the due date of the return, the Form 990 is either modified before it is filed or an amendment is filed for any changes required from the finance/audit committee.

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

Trustees are required to disclose at the next convening Board of Trustees meeting any conflict of interest. Trustees with a conflict of interest on a matter of vote must abstain from voting. The Colleges audit/finance committee is responsible for ensuring adherence to the policy.

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 at the discretion of the President. This discretion is based on 1 previous salary history, 2 market data from CUPA Survey published in the Chronicle of Higher Education, and 3 the bargaining process.

Form 990, Part VI, Section C, Line 19

The College makes its governing documents, conflict of interest policy, and financial statements available upon request. To obtain copies, contact the business office and submit a request identifying the specific documents.

Filing and Contact Details

Filer

Filer Name
Livingstone College
EIN
56-0603922
Phone
7042166025
Address
701 West Monroe Street, Salisbury, NC 28144

Signing Officer

Name
Reginald Dickens
Title
Vice President for Business and Fin
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Reginald Dickens
Formed
1905
Legal Domicile
Nc
Voting Board Members
26
Independent Board Members
25
Employees
478
Volunteers
48

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 year.

Financial Statement Notes

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 or asset 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, 2018. Accordingly, no liability has been accrued.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Mr David A Aiken Sr
IRS990/Form990PartVIISectionAGrp/PersonNm1Attorney Mr Joel G Bowden
IRS990/Form990PartVIISectionAGrp/PersonNm2Mr Warren H Arrington Jr
IRS990/Form990PartVIISectionAGrp/PersonNm3Bishop George E Battle Jr
IRS990/Form990PartVIISectionAGrp/PersonNm4Mr Nigel Alston
IRS990/Form990PartVIISectionAGrp/PersonNm5Dr James R Gavin III
IRS990/Form990PartVIISectionAGrp/PersonNm6Bishop George D Crenshaw
IRS990/Form990PartVIISectionAGrp/PersonNm7Bishop Michael A Frencher Sr
IRS990/Form990PartVIISectionAGrp/PersonNm8Bishop Hilliard Dogbe
IRS990/Form990PartVIISectionAGrp/PersonNm9Mr Herb Gray
IRS990/Form990PartVIISectionAGrp/PersonNm10Bishop Uduak Effiong
IRS990/Form990PartVIISectionAGrp/PersonNm11Bishop Staccato Powell
IRS990/Form990PartVIISectionAGrp/PersonNm12Dr Jimmy R Jenkins
IRS990/Form990PartVIISectionAGrp/PersonNm13Bishop Kenneth Monroe
IRS990/Form990PartVIISectionAGrp/PersonNm14Bishop Mildred B Hines
IRS990/Form990PartVIISectionAGrp/PersonNm15Bishop W Darin Moore
IRS990/Form990PartVIISectionAGrp/PersonNm16Bishop Dennis V Proctor
IRS990/Form990PartVIISectionAGrp/PersonNm17Bishop Darryl B Starnes Sr
IRS990/Form990PartVIISectionAGrp/PersonNm18Bishop Seth O Lartey
IRS990/Form990PartVIISectionAGrp/PersonNm19Reverend Dr Dwayne Walker
IRS990/Form990PartVIISectionAGrp/PersonNm20Dr Larry D Melton
IRS990/Form990PartVIISectionAGrp/PersonNm21Dr Shirley Welch
IRS990/Form990PartVIISectionAGrp/PersonNm22Mr Robert Marshall
IRS990/Form990PartVIISectionAGrp/PersonNm23Rev Johnny P Henderson
IRS990/Form990PartVIISectionAGrp/PersonNm24Dr Richard Rolle Jr
IRS990/Form990PartVIISectionAGrp/PersonNm25Dr Brenda L Galloway Smith
IRS990/Form990PartVIISectionAGrp/PersonNm26Dr Carolyn Duncan
IRS990/Form990PartVIISectionAGrp/PersonNm27Dr Orlando Lewis
IRS990/Form990PartVIISectionAGrp/PersonNm28Mr Reginald Dickens
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IRS990/Form990PartVIISectionAGrp/TitleTxt15Treasurer
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IRS990/Form990PartVIISectionAGrp/TitleTxt24Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt25Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt26Vice President for Academic Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt27Vice President for Student Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt28Vice President for Business and Finance
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$100$19.2$80.9$36.9$38.3$1.35
2023Detailed filing. Detailed filing data is available for this year.$94.4$12.8$81.6$38.0$40.9$2.86
2022Detailed filing. Detailed filing data is available for this year.$90.1$6.04$84.0$41.8$39.3$2.58
2021Detailed filing. Detailed filing data is available for this year.$87.0$4.87$82.1$42.5$38.7$3.80
2020Detailed filing. Detailed filing data is available for this year.$83.5$37.9$45.6$38.0$35.4$2.55
2019Detailed filing. Detailed filing data is available for this year.$74.8$31.9$43.0$35.6$34.7$0.81
2018Detailed filing. Detailed filing data is available for this year.$71.6$29.7$41.8$34.2$35.2$0.99
2017Detailed filing. Detailed filing data is available for this year.$67.1$25.0$42.1$36.5$33.5$3.04
2016Detailed filing. Detailed filing data is available for this year.$65.5$26.7$38.8$37.0$34.7$2.31
2015Detailed filing. Detailed filing data is available for this year.$63.4$26.2$37.2$37.7$36.4$1.24
2014Detailed filing. Detailed filing data is available for this year.$58.1$22.2$35.9$32.8$32.1$0.62
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$59.0$23.8$35.2$29.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$54.1$18.5$35.6$29.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.5$19.9$35.7$28.2
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$45.9$12.9$33.0$26.6