Civic Intelligence

Converse College

EIN 57-0314380 • 501(c)3 • Spartanburg, SC

View Organization Page

Profile

The primary mission of converse college is the liberal arts education of undergraduate women in a residential setting. Students pursue richly diverse programs in liberal arts and career preparations. Converse believes that the founder's ideal is to call to arms to develop engaged leaders who think critically and creatively and affect positive change in the world. Today, innovative programs for graduate and advanced study complement the undergraduate program.

580 East Main StreetSpartanburg, SC 29302

www.converse.edu

Siviq Scores

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

Liabilities / Assets

38th percentile

0.17x

Higher debt load relative to assets than 38% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

60th percentile

0.58x

Higher debt load relative to revenue than 60% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Net Margin

55th percentile

6.1%

Higher net margin than 55% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

26th percentile

$313,667

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

501(c)3 • $100M-$250M nonprofits • Source year 2025

Asset Growth

26th percentile

0.5%

Faster asset growth than 26% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Revenue Growth

75th percentile

22%

Faster revenue growth than 75% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$175,006,278

Up $8,750,425 (+5.3%) from 2023

Liabilities

Down

$29,233,366

Down $4,572,774 (-14%) from 2023

Net Assets

Up

$145,772,912

Up $13,323,199 (+10%) from 2023

Operations
Liabilities / Revenue60th percentileNet Margin55th percentile

Revenue

Up

$50,688,632

Up $15,940,519 (+46%) from 2023

Expenses

Up

$47,603,490

Up $7,146,430 (+18%) from 2023

Net Income

Up

$3,085,142

Up $8,794,089 (+154%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth26th percentile

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

$200M$150M$100M$50M$0Assets 2010: $132,952,289Liabilities 2010: $31,109,412Net Assets 2010: $101,842,8772010Assets 2011: $142,661,530Liabilities 2011: $29,531,586Net Assets 2011: $113,129,9442011Assets 2012: $137,571,066Liabilities 2012: $30,320,509Net Assets 2012: $107,250,5572012Assets 2013: $139,480,165Liabilities 2013: $29,388,113Net Assets 2013: $110,092,0522013Assets 2014: $156,259,675Liabilities 2014: $36,922,094Net Assets 2014: $119,337,5812014Assets 2015: $159,366,930Liabilities 2015: $42,026,684Net Assets 2015: $117,340,2462015Assets 2016: $156,316,583Liabilities 2016: $41,355,465Net Assets 2016: $114,961,1182016Assets 2017: $163,488,628Liabilities 2017: $40,154,173Net Assets 2017: $123,334,4552017Assets 2018: $164,723,252Liabilities 2018: $37,058,218Net Assets 2018: $127,665,0342018Assets 2019: $163,257,031Liabilities 2019: $34,910,564Net Assets 2019: $128,346,4672019Assets 2020: $163,727,605Liabilities 2020: $41,377,697Net Assets 2020: $122,349,9082020Assets 2021: $179,052,954Liabilities 2021: $35,622,365Net Assets 2021: $143,430,5892021Assets 2022: $167,325,059Liabilities 2022: $33,620,089Net Assets 2022: $133,704,9702022Assets 2023: $166,255,853Liabilities 2023: $33,806,140Net Assets 2023: $132,449,7132023Assets 2025: $175,006,278Liabilities 2025: $29,233,366Net Assets 2025: $145,772,9122025

Highlighted filing

2025

Assets$175,006,278
Liabilities$29,233,366
Net Assets$145,772,912
Open 2025 Filing

Operations Trend

Revenue Growth75th percentile

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

$60M$40M$20M$0-$20MExpenses 2010: $36,660,7772010Expenses 2011: $37,252,8632011Expenses 2012: $40,120,4382012Expenses 2013: $39,012,5312013Revenue 2014: $47,023,006Expenses 2014: $42,329,979Net Income 2014: $4,693,0272014Revenue 2015: $37,979,744Expenses 2015: $36,192,831Net Income 2015: $1,786,9132015Revenue 2016: $36,131,088Expenses 2016: $36,526,369Net Income 2016: -$395,2812016Revenue 2017: $34,058,707Expenses 2017: $33,260,370Net Income 2017: $798,3372017Revenue 2018: $32,972,931Expenses 2018: $32,892,252Net Income 2018: $80,6792018Revenue 2019: $34,881,079Expenses 2019: $33,491,258Net Income 2019: $1,389,8212019Revenue 2020: $32,684,072Expenses 2020: $33,801,860Net Income 2020: -$1,117,7882020Revenue 2021: $36,493,779Expenses 2021: $35,340,779Net Income 2021: $1,153,0002021Revenue 2022: $42,193,359Expenses 2022: $41,068,699Net Income 2022: $1,124,6602022Revenue 2023: $34,748,113Expenses 2023: $40,457,060Net Income 2023: -$5,708,9472023Revenue 2025: $50,688,632Expenses 2025: $47,603,490Net Income 2025: $3,085,1422025

Highlighted filing

2025

Revenue$50,688,632
Expenses$47,603,490
Net Income$3,085,142
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$175,006,278
Liabilities
$29,233,366
Net assets
$145,772,912
Revenue
$50,688,632
Expenses
$47,603,490
Net income
$3,085,142
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$175$29.2$146$50.7$47.6$3.09
2023Summary only. Only limited summary data is available for this year.$166$33.8$132$34.7$40.5$5.71
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$167$33.6$134$42.2$41.1$1.12
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$179$35.6$143$36.5$35.3$1.15
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$164$41.4$122$32.7$33.8$1.12
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$163$34.9$128$34.9$33.5$1.39
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$165$37.1$128$33.0$32.9$0.08
2017Summary only. Only limited summary data is available for this year.$163$40.2$123$34.1$33.3$0.80
2016Detailed filing. Detailed filing data is available for this year.$156$41.4$115$36.1$36.5$0.40
2015Detailed filing. Detailed filing data is available for this year.$159$42.0$117$38.0$36.2$1.79
2014Detailed filing. Detailed filing data is available for this year.$156$36.9$119$47.0$42.3$4.69
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$139$29.4$110$39.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$138$30.3$107$40.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$143$29.5$113$37.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$133$31.1$102$36.7
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 6, 2026
Return Version
2024v5.5
Gross Receipts
$65,243,475
Mission and Program Overview

Mission

Converse university is a liberal arts college which offers co-ed undergraduate and graduate degrees. Converse advances a culture of belonging and collaboration that ignites creativity, innovation, and transformation.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$55,879,978$61,501,110▲ $5,621,132
Land, Buildings, and Equipment, Net$51,718,532$50,751,724▼ $966,808
Investments Other Securities$29,944,477$31,709,008▲ $1,764,531
Savings and Temporary Cash Investments$14,269,684$11,503,696▼ $2,765,988
Cash and Non-Interest-Bearing Accounts$10,432,256$7,364,722▼ $3,067,534
Pledges and Grants Receivable$2,298,884$3,279,204▲ $980,320
Accounts Receivable$431,240$456,196▲ $24,956
Other Notes and Loans Receivable, Net$233,274$193,450▼ $39,824
Prepaid Expenses and Deferred Charges$141,139$98,675▼ $42,464
Total Assets$174,133,562$175,006,278▲ $872,716
Other Assets Total$8,784,098$8,148,493▼ $635,605
Liabilities
Tax Exempt Bond Liabilities$24,744,136$23,606,390▼ $1,137,746
Accounts Payable and Accrued Expenses$2,374,945$2,196,210▼ $178,735
Other Liabilities$2,841,876$2,185,746▼ $656,130
Unsecured Notes Loans Payable$1,112,423$753,212▼ $359,211
Deferred Revenue$5,792,227$495,515▼ $5,296,712
Escrow Account Liability$56,991$-3,707▼ $60,698
Total Liabilities$36,922,598$29,233,366▼ $7,689,232
Net Assets / Fund Balance
Net Assets With Donor Restrictions$89,676,071$98,595,134▲ $8,919,063
Net Assets Without Donor Restrictions$47,534,893$47,177,778▼ $357,115
Total Net Assets Fund Balance$137,210,964$145,772,912▲ $8,561,948
Total Liabilities and Net Assets / Fund Balance$174,133,562$175,006,278▲ $872,716

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$41,864,595$50,570,731$92,435,326
Equipment$7,009,633$20,321,207$27,330,840
Land$1,877,496-$1,877,496
Other Securities$8,088,788--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$91,718,478$1,915,097▲ $10,356,117$4,049,651$99,940,041
2023$84,247,967$1,815,908▲ $10,106,928$4,452,325$91,718,478
2022$81,004,448$522,105▲ $7,443,991$4,722,577$84,247,967
2021$92,813,335$1,034,331▼ $8,418,596$4,424,622$81,004,448
2020$77,529,115$811,789▲ $18,864,643$4,392,212$92,813,335
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Boone HopkinsPresidentFT$260,915$52,752$313,667
Kristin LaceyVP Operations & CFOFT$162,772$36,945$199,717
Keshia Jackson GilliamAssociate VP of Human ResourcesFT$108,388$32,765$141,153
Will CaseProvostFT$112,466$15,653$128,119
Cori McclureChief Information OfficerFT$102,482$22,806$125,288
Kim JolleyAssistant VP for PhilanthropyFT$106,738$10,852$117,590
Jamie Grant-ponceVP for Enrollment ManagementFT$100,956$11,933$112,889

Board Members and Trustees

NameTitle
Wallace PrestwoodChair
Linda ReddingVice Chair
Allen SmithTrustee
Brant BynumTrustee
Brelan MontgomeryTrustee
Chris CannonTrustee
David SmartTrustee
Dawn DeckTrustee
Dwight Van InwegenTrustee
Emily RushingTrustee
Fain McdanielTrustee
Jay LynchTrustee
Karla JonesTrustee
Katherine FulmerTrustee
Kim KentTrustee
Louis SmithTrustee
Lynn PettusTrustee
Michel StoneTrustee
Paul CoteTrustee
Rhonda CokerTrustee
Sandra MorelliTrustee
Sandra WatsonTrustee
Shannon JaynesTrustee
Steve JohnsonTrustee
Stinson FergusonTrustee
Palmer BallTrustee - Ex Officio
Valerie DowlingTrustee - Ex Officio
Christy StonerSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Avi Food Systems INCDining Services2590 ELM RD, Warren, OH 44483$2,346,582
Harper CorporationConstruction35 W COURT ST STE 400, Greenville, SC 29601$931,755
The Budd Group INCFacilitiesPO BOX 890856, Charlotte, NC 28289-0856$843,525
Encoura LLCConsulting Services75 REMITTANCE DR DEPT 1020, Chicago, IL 60675-1020$493,304
Roebuck Wholesale Nursery & LandscapingGroundsPO BOX 1053, Roebuck, SC 29376$405,202
Revenue and Support

Revenue Composition

Contributions and Grants
$12,095,068
Program Service Revenue
$32,938,811
Investment Income
$5,597,954
Other Revenue
$56,799
All Other Contributions
$12,090,221
Change in Net Assets
$3,085,142

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded25$278,638Stock Price
Total Noncash Contributions25$278,638-

Audited Revenue Reconciliation

Revenue per Audited Statements
$50,878,365
Revenue Not Reported on Financial Statements
$-189,733
Revenue Not Reported on Form 990
$-4,735,364
Other Revenue Adjustments
$-497,663
Total Revenue per Audited Statements
$46,143,001
Total Revenue per Form 990
$50,688,632
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,171,428
Other Expenses$18,189,892
Grants and Similar Amounts Paid$10,212,170
Total Fundraising Expense$1,861,271
Professional Fundraising Fees$30,000

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$12,206,415$1,993,398$630,267$14,830,080
Grants to Domestic Individuals$10,212,170--$10,212,170
Depreciation Depletion$2,925,173$344,138$172,069$3,441,380
Occupancy$2,100,802$247,153$123,576$2,471,531
Other Employee Benefits$1,635,081$301,243$99,797$2,036,121
All Other Expenses$1,231,128$144,837$72,419$1,448,384
Interest$948,174$111,550$55,775$1,115,499
Payroll Taxes$886,879$166,290$55,430$1,108,599
Office Expenses$792,623$148,617$49,539$990,779
Current Officers, Directors, Trustees, and Key Employees$253,295$361,949$157,066$772,310
Other Expenses$583,130$68,603$34,302$686,035
Fees for Services Other$482,425$96,485$34,323$613,233
Insurance-$523,442-$523,442
Pension Plan Contributions$355,471$52,835$16,012$424,318
Advertising$218,205$46,758$46,758$311,721
Fees for Service Investment Mgmnt Fees-$307,930-$307,930
Information Technology$238,796--$238,796
Travel$135,661$15,960$7,980$159,601
Fees for Services Accounting-$82,175-$82,175
Fees for Services Legal-$32,678-$32,678
Fees for Services Professional Fundraising--$30,000$30,000
Total Functional Expenses$40,118,204$5,624,015$1,861,271$47,603,490

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$47,603,490
Total Expenses per Audited Statements$37,581,053
Expenses per Audited Statements$37,083,390
Expenses Not Reported on Financial Statements$10,520,100
Other Expense Adjustments$10,212,170
Expenses Not Reported on Form 990$497,663
International Activity

International Summary

Offices
0
Employees
0
Spending
$16,367,233

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
Yes
Foreign partnership interest
Yes
Interest in foreign trust
No
Passive foreign investment company interest
Yes
Transfers to foreign corporations
Yes

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestmentsTravel Abroad Program00$13,997,708
Europe (including Iceland & Greenland)Investments-00$2,258,951
Europe (including Iceland & Greenland)Program Services-00$110,574
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$30,450
Professional Fundraising Fees$30,000
Fundraising Direct Expenses$13,030

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Valkyries Golf Tournament$35,297$30,450$5,883$24,567
Total Events$35,297$30,450$13,030$17,420
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit$1,440,001
Operating Lease Liability$294,019
Revolving Perkins Loan Liability$216,139
Asset Retirement Obligation$106,580
Obligations From Split Interest Agreements$94,934
Post-retirement Benefits$34,073

Bond Issues

BondIssuerIssuedIssue PricePurpose
ASc Jobs Economic Development Authority2014-12-19$35,410,000Capital improvements and refinance

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$35,410,000$34,002,351$11,420,000$708,200

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
No
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
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

“In order to protect the privacy of its donors, a public disclosure copy of the 990 is presented to the audit committee for review and approval and is provided to the board of trustees prior to filing.”

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

“Conflict of interest questionnaires are completed annually by trustees, officers, and key employees and transactions are monitored by management. A board member does recuse himself/herself in the event of a conflict.”

Form 990, Part VI, Section B, Line 15

“The executive committee reviews the president's contract and sets the compensation package. Compensation data is gathered from other universities, published surveys, and other forms 990. The president also gets an evaluation from the committee. All decisions made by the executive committee are discussed in executive session with the board of trustees. The chairman of the board of trustees gives the vice president of operations and chief financial officer written documentation of the discussion and decision of the compensation package of the president. Key employees and other officers' salaries are reviewed annually by the president and the college and university professional association survey is used to help determine their compensation packages.”

Form 990, Part VI, Section C, Line 19

“Governing documents, audited financial statements and key policies are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Converse University
EIN
57-0314380
Phone
8645969000
Address
580 EAST MAIN STREET, SPARTANBURG, SC 29302

Signing Officer

Name
Dr Boone Hopkins
Title
President
Phone
8645969000
Signed
2026-02-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Boone Hopkins
Formed
1889
Legal Domicile
Sc
Voting Board Members
26
Independent Board Members
26
Employees
666
Volunteers
28

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
110 EAST COURT STREET SUITE 500, GREENVILLE, SC 29601
Preparer
Bree-ann Weidner
Phone
8642333981
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in value of remainder trust agreements 51,211. Change in fair value of interest rate swap -893,681. Change in value of perpetual trust 263,726.”

Financial Statement Notes

PART III, LINE 4:

“All art work is on public exhibit and can be viewed by students, faculty, staff and others in the community.”

PART IV, LINE 2B:

“The university holds funds in a custodial capacity for student organizations.”

PART V, LINE 4:

“The intended uses of converse university's endowment funds are for scholarships, professorships, student academic travel, staff/faculty development and excellence, the library, buildings and equipment maintenance, ministry, and other academic programs. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.”

PART X, LINE 2:

“The university is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code. The university has evaluated the effect of u.s. Gaap guidance on accounting for uncertainty in income taxes. Management believes the university continues to satisfy the requirements of a tax-exempt organization. Management also believes there are no other uncertain tax positions at june 30, 2025 or 2024.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in fair value of interest rate swap -893,681. Change in value of perpetual trust 263,726. Change in value of remainder trust agreements 51,211. Student financial aid -10,212,170.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Rental expenses -484,633. Fundraising event expenses -13,030.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Rental expenses 484,633. Fundraising event expenses 13,030.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Student financial aid 10,212,170.”

Raw XML AppendixShowing 400 of 1,069 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/AccountsReceivableGrp/EOYAmt0456196
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0CONVERSE UNIVERSITY IS A LIBERAL ARTS COLLEGE WHICH OFFERS CO-ED UNDERGRADUATE AND GRADUATE DEGREES. CONVERSE ADVANCES A CULTURE OF BELONGING AND COLLABORATION THAT IGNITES CREATIVITY, INNOVATION, AND TRANSFORMATION.
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IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt0580 EAST MAIN STREET
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2THE BUDD GROUP INC
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IRS990/Desc0THE PRIMARY MISSION OF CONVERSE UNIVERSITY IS TO EMPOWER STUDENTS TO BECOME TRANSFORMATIVE LEADERS WHO SEE CLEARLY, DECIDE WISELY, AND ACT JUSTLY. CONVERSE UNIVERSITY PROVIDES A LIBERAL ARTS EDUCATION OF CO-ED UNDERGRADUATE STUDENTS IN A RESIDENTIAL SETTING. STUDENTS PURSUE RICHLY DIVERSE PROGRAMS IN LIBERAL ARTS AND CAREER PREPARATIONS. TODAY, INNOVATIVE PROGRAMS FOR GRADUATE AND DOCTORAL ADVANCED STUDY COMPLEMENT THE UNDERGRADUATE PROGRAM. ADDITIONALLY, THE CONVERSE COLLEGE FOR WOMEN REAFFIRMS THE FOUNDER'S CONVICTION THAT A SMALL UNDERGRADUATE RESIDENTIAL LIBERAL ARTS COLLEGE IS A UNIQUELY POWERFUL ENVIRONMENT FOR DEVELOPING WOMEN'S TALENTS.
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