Civic Intelligence

Laurel University Inc

EIN 56-0650621 • 501(c)3 • High Point, NC

Pub. 78 Eligible

Profile

The mission of laurel university is to be a distinctive biblical leader in higher education. The graduates are proven leaders in large and small corporations, academic institutions, businesses and the ministry. The institution's size and intentionally rigorous curriculum guarantees a unique and profound set of learnings outcomes upon graduation.

1215 Eastchester DriveHigh Point, NC 27265

www.laureluniversity.edu

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

$3,190,964

No earlier filing loaded for comparison.

Liabilities

$718,430

No earlier filing loaded for comparison.

Net Assets

$2,472,534

No earlier filing loaded for comparison.

Operations

Revenue

$1,984,709

No earlier filing loaded for comparison.

Expenses

$2,285,507

No earlier filing loaded for comparison.

Net Income

-$300,798

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $3,190,964Liabilities 2015: $718,430Net Assets 2015: $2,472,5342015

Highlighted filing

2015

Assets$3,190,964
Liabilities$718,430
Net Assets$2,472,534
Open 2015 Filing

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $1,984,709Expenses 2015: $2,285,507Net Income 2015: -$300,7982015

Highlighted filing

2015

Revenue$1,984,709
Expenses$2,285,507
Net Income-$300,798
Open 2015 Filing

Filings

Most recent year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,190,964
Liabilities
$718,430
Net assets
$2,472,534
Revenue
$1,984,709
Expenses
$2,285,507
Net income
-$300,798
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$3.19$0.72$2.47$1.98$2.29$0.30
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Jan 27, 2016
Return Version
2014v6.0
Gross Receipts
$1,984,709
Mission and Program Overview

Mission

The mission of laurel university is to be a distinctive biblical leader in higher education. The graduates are proven leaders in large and small corporations, academic institutions, businesses and the ministry. The institution's size and intentionally rigorous curriculum guarantees a unique and profound set of learnings outcomes upon graduation.

The mission of laurel university is to be a distinctive biblical leader in higher education. The graduates are proven leaders in large and small corporations, academic institutions, businesses, and the ministry. The institution's size and intentionally rigorous curriculum guarantees a unique and profound set of learnings outcomes upon graduation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$1,549,604▲ $1,549,604
Investments Program Related-$1,210,756-
Cash and Non-Interest-Bearing Accounts-$268,393-
Other Notes and Loans Receivable, Net-$61,994-
Prepaid Expenses and Deferred Charges-$49,345-
Accounts Receivable-$41,729-
Investments Other Securities-$9,143-
Total Assets$3,115,115$3,190,964▲ $75,849
Other Assets Total$3,115,115$0▼ $3,115,115
Liabilities
Other Liabilities$305,081$650,000▲ $344,919
Accounts Payable and Accrued Expenses-$56,995-
Deferred Revenue-$11,435-
Total Liabilities$305,081$718,430▲ $413,349
Net Assets / Fund Balance
Unrestricted Net Assets$1,559,158$1,244,756▼ $314,402
Permanently Rstr Net Assets$1,172,390$1,156,224▼ $16,166
Temporarily Rstr Net Assets$78,486$71,554▼ $6,932
Total Net Assets Fund Balance$2,810,034$2,472,534▼ $337,500
Total Liabilities and Net Assets / Fund Balance$3,115,115$3,190,964▲ $75,849

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$240,117--
Buildings$592,778$1,140,085-
Other Land Buildings$37,334$189,461-
Land$741,910--
Equipment$51,345$397,499-
Leasehold Improvements$126,237$370,834-

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2014$1,180,638-▲ $3,338$34,375$1,149,601
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Dr Steve CondonPresidentFT$113,171$113,171
Emily Littlefield CPAVP of Finance and InstructionFT$1,353$1,353

Board Members and Trustees

NameTitle
David OzmoreChairman
Harvey LowdVice Chair
Dr Jody AllenHonorary Trustee
Bonita SherrodTrustee
Dawna ComptonTrustee
Derrick DugginsTrustee
Dr Brent BurdickTrustee
Dr Gary RoyalsTrustee
Dr Lory MorrowTrustee
Heather Bowers CrossTrustee
Ken RoweTrustee
Mena ParrishTrustee
Wayne ScottTrustee
Rachel Moss GauldinSecretary
Mark HarrisTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Knowledge ElementsLearning Management SystemPO BOX 440128, Nashville, TX 37244$165,742
Revenue and Support

Revenue Composition

Contributions and Grants
$47,686
Program Service Revenue
$1,930,572
Investment Income
$6,451
Other Revenue
$0
All Other Contributions
$47,686
Change in Net Assets
$-300,798

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,984,709
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-36,702
Total Revenue per Audited Statements
$1,948,007
Total Revenue per Form 990
$1,984,709
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,267,863
Other Expenses$779,866
Grants and Similar Amounts Paid$237,778
Total Fundraising Expense$68,133
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$647,547$443,752$63,393$1,154,692
Grants to Domestic Individuals$237,778--$237,778
Current Officers, Directors, Trustees, and Key Employees$113,171--$113,171
Occupancy$43,600$45,096-$88,696
Depreciation Depletion$40,247$40,247-$80,494
Travel$26,437$26,436-$52,873
Insurance$21,738$27,666-$49,404
Office Expenses$15,654$22,494$4,740$42,888
All Other Expenses$19,854$21,337-$41,191
Fees for Services Accounting-$36,889-$36,889
Advertising-$35,630-$35,630
Other Expenses$15,146$12,392-$27,538
Fees for Services Management-$14,422-$14,422
Payments to Affiliates$6,355$6,355-$12,710
Interest-$11,352-$11,352
Total Functional Expenses$1,383,977$833,397$68,133$2,285,507

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,285,507
Total Expenses per Audited Statements$2,285,507
Total Expenses per Form 990$2,285,507
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Note Payable$650,000
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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 11

“The 990 is reviewed by the finance committee prior to filing.”

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

“The organization monitors compliance with the conflict of interest policy through board review.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Laurel University Inc
EIN
56-0650621
Phone
3368873000
Address
1215 EASTCHESTER DRIVE, HIGH POINT, NC 27265

Signing Officer

Name
Dr Steve Condon
Title
President
Phone
3368873000
Signed
2016-01-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Steve Condon
Formed
1903
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
14
Employees
87
Volunteers
0

Preparer

Firm
Smith Leonard Pllc
Address
4035 PREMIER DRIVE SUITE 300, HIGH POINT, NC 27265
Preparer
Addison R Maille
Phone
3368830181
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Interest and dividends on long term investments 15,051. Loss on disposal -31,721.”

Financial Statement Notes

PART X, LINE 2:

“It is the university's policy to evaluate all significant tax positions to identify any that may be considered uncertain. All identified material tax positions are assessed and measured by a "more-likely-than-not" threshold to determine if the tax position is uncertain and what, if any, the effect of the uncertain tax position may have on the financial statements. No material uncertain tax positions were identified for 2015 and 2014. Currently, the statute of limitations remains open subsequent to and including the year ended june 30, 2012; however, no examinations are in process.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Interest and dividends on permanently restricted net assets 15,051. Loss on disposal of library books -31,721.”

Schedule D Part X Other Liabilities

“In june 2015, the university entered into a long-term note payable with a local bank with a principal balance of $650,000.”

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IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF LAUREL UNIVERSITY IS TO BE A DISTINCTIVE BIBLICAL LEADER IN HIGHER EDUCATION. THE GRADUATES ARE PROVEN LEADERS IN LARGE AND SMALL CORPORATIONS, ACADEMIC INSTITUTIONS, BUSINESSES AND THE MINISTRY. THE INSTITUTION'S SIZE AND INTENTIONALLY RIGOROUS CURRICULUM GUARANTEES A UNIQUE AND PROFOUND SET OF LEARNINGS OUTCOMES UPON GRADUATION.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt02810034
IRS990/NetAssetsOrFundBalancesEOYAmt02472534
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt0-20032
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt045096
IRS990/OccupancyGrp/ProgramServicesAmt043600
IRS990/OccupancyGrp/TotalAmt088696
IRS990/OfficeExpensesGrp/FundraisingAmt04740
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt022494
IRS990/OfficeExpensesGrp/ProgramServicesAmt015654
IRS990/OfficeExpensesGrp/TotalAmt042888
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03115115
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt0-16670
IRS990/OtherExpensesGrp/Desc0ONLINE PROGRAM DEVELOPM
IRS990/OtherExpensesGrp/Desc1REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc2EQUIPMENT
IRS990/OtherExpensesGrp/Desc3MISCELLANEOUS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt089329
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt112392
IRS990/OtherExpensesGrp/ProgramServicesAmt0150458
IRS990/OtherExpensesGrp/ProgramServicesAmt145992
IRS990/OtherExpensesGrp/ProgramServicesAmt215146
IRS990/OtherExpensesGrp/TotalAmt0150458
IRS990/OtherExpensesGrp/TotalAmt189329
IRS990/OtherExpensesGrp/TotalAmt245992
IRS990/OtherExpensesGrp/TotalAmt327538
IRS990/OtherLiabilitiesGrp/BOYAmt0305081
IRS990/OtherLiabilitiesGrp/EOYAmt0650000
IRS990/OtherOrganizationDsc0EXEMPT ORGANIZATION
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt063393
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0443752
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0647547
IRS990/OtherSalariesAndWagesGrp/TotalAmt01154692
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt061994
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt06355
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt06355
IRS990/PaymentsToAffiliatesGrp/TotalAmt012710
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt01172390
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt01156224
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt049345
IRS990/PrincipalOfficerNm0DR STEVE CONDON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611310
IRS990/ProgramServiceRevenueGrp/Desc0EDUCATIONAL AND GENERA
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01930572
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01930572
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYExcessBenefitTransInd00
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-300798
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
IRS990/RevenueAmt01930572
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt0592778
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01140085
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt01732863
IRS990ScheduleD/CYEndwmtFundGrp/BeginningYearBalanceAmt01180638
IRS990ScheduleD/CYEndwmtFundGrp/EndYearBalanceAmt01149601
IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt03338
IRS990ScheduleD/CYEndwmtFundGrp/OtherExpendituresAmt034375
IRS990ScheduleD/EndowmentsHeldRelatedOrgInd00
IRS990ScheduleD/EndowmentsHeldUnrelatedOrgInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt051345
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0397499
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0448844
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02285507
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt0713704
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt1256935
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt2240117
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0MUTUTAL FUNDS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1EQUITY SECURITIES
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2MONEY MARKET ACCOUNTS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0F
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1F
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd2F
IRS990ScheduleD/LandGrp/BookValueAmt0741910
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0741910
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0126237
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0370834
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt0497071
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-20032
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt037334
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0189461
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt0226795
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0650000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NOTE PAYABLE
IRS990ScheduleD/OtherRevenueAmt0-16670
IRS990ScheduleD/PrmnntEndowmentBalanceEOYPct00.97000
IRS990ScheduleD/RevenueNotReportedAmt0-36702
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01984709
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0IT IS THE UNIVERSITY'S POLICY TO EVALUATE ALL SIGNIFICANT TAX POSITIONS TO IDENTIFY ANY THAT MAY BE CONSIDERED UNCERTAIN. ALL IDENTIFIED MATERIAL TAX POSITIONS ARE ASSESSED AND MEASURED BY A "MORE-LIKELY-THAN-NOT" THRESHOLD TO DETERMINE IF THE TAX POSITION IS UNCERTAIN AND WHAT, IF ANY, THE EFFECT OF THE UNCERTAIN TAX POSITION MAY HAVE ON THE FINANCIAL STATEMENTS. NO MATERIAL UNCERTAIN TAX POSITIONS WERE IDENTIFIED FOR 2015 AND 2014. CURRENTLY, THE STATUTE OF LIMITATIONS REMAINS OPEN SUBSEQUENT TO AND INCLUDING THE YEAR ENDED JUNE 30, 2012; HOWEVER, NO EXAMINATIONS ARE IN PROCESS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1INTEREST AND DIVIDENDS ON PERMANENTLY RESTRICTED NET ASSETS 15,051. LOSS ON DISPOSAL OF LIBRARY BOOKS -31,721.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2IN JUNE 2015, THE UNIVERSITY ENTERED INTO A LONG-TERM NOTE PAYABLE WITH A LOCAL BANK WITH A PRINCIPAL BALANCE OF $650,000.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D PART X OTHER LIABILITIES
IRS990ScheduleD/TermEndowmentBalanceEOYPct00.03000
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01549604
IRS990ScheduleD/TotalBookValueProgramRltdAmt01210756
IRS990ScheduleD/TotalExpensesPerForm990Amt02285507
IRS990ScheduleD/TotalLiabilityAmt0650000
IRS990ScheduleD/TotalRevenuePerForm990Amt01984709
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01948007
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02285507
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01

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