Civic Intelligence

Newberry College

990 • Fiscal year 2023 • EIN 57-0314404

Jul 01, 2022 to Jun 30, 2023 • Filed on Jul 02, 2024

2100 College StreetNewberry, SC 29108

(803) 276-5010

Siviq Scores

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

Liabilities / Assets

73rd percentile

0.54x

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

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

Liabilities / Revenue

66th percentile

0.69x

Higher debt load relative to revenue than 66% of similar nonprofits.

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

Net Margin

57th percentile

5.3%

Higher net margin than 57% of similar nonprofits.

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

Top Officer Pay

55th percentile

$386,296

Higher top officer pay than 55% of similar nonprofits.

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

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

Asset Growth

66th percentile

11%

Faster asset growth than 66% of similar nonprofits.

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

Revenue Growth

79th percentile

21%

Faster revenue growth than 79% of similar nonprofits.

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

Assets

Up

$79,179,675

Up $8,141,334 (+11%) from 2022

Net Assets

Up

$36,110,099

Up $2,237,533 (+6.6%) from 2022

Liabilities

Up

$43,069,576

Up $5,903,801 (+16%) from 2022

Revenue

Up

$62,705,043

Up $10,995,561 (+21%) from 2022

Expenses

Up

$59,361,003

Up $1,832,272 (+3.2%) from 2022

Net Income

Up

$3,344,040

Up $9,163,289 (+157%) from 2022

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2010: $53,649,987Liabilities 2010: $28,224,785Net Assets 2010: $25,425,2022010Assets 2011: $58,625,034Liabilities 2011: $28,198,828Net Assets 2011: $30,426,2062011Assets 2012: $55,132,683Liabilities 2012: $29,203,602Net Assets 2012: $25,929,0812012Assets 2013: $53,726,864Liabilities 2013: $29,172,943Net Assets 2013: $24,553,9212013Assets 2014: $58,004,236Liabilities 2014: $29,675,647Net Assets 2014: $28,328,5892014Assets 2015: $53,044,355Liabilities 2015: $29,645,998Net Assets 2015: $23,398,3572015Assets 2016: $51,009,600Liabilities 2016: $30,500,398Net Assets 2016: $20,509,2022016Assets 2017: $50,681,614Liabilities 2017: $29,430,459Net Assets 2017: $21,251,1552017Assets 2018: $55,367,450Liabilities 2018: $33,532,940Net Assets 2018: $21,834,5102018Assets 2019: $56,637,293Liabilities 2019: $33,778,588Net Assets 2019: $22,858,7052019Assets 2020: $63,850,251Liabilities 2020: $35,571,641Net Assets 2020: $28,278,6102020Assets 2021: $69,782,907Liabilities 2021: $37,287,443Net Assets 2021: $32,495,4642021Assets 2022: $71,038,341Liabilities 2022: $37,165,775Net Assets 2022: $33,872,5662022Assets 2023: $79,179,675Liabilities 2023: $43,069,576Net Assets 2023: $36,110,0992023Assets 2024: $79,661,514Liabilities 2024: $47,411,752Net Assets 2024: $32,249,7622024

Highlighted filing

2023

Assets$79,179,675
Liabilities$43,069,576
Net Assets$36,110,099

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $33,212,9262010Expenses 2011: $36,422,2812011Expenses 2012: $38,945,6252012Expenses 2013: $36,420,7322013Revenue 2014: $39,054,717Expenses 2014: $37,752,894Net Income 2014: $1,301,8232014Revenue 2015: $38,477,331Expenses 2015: $41,575,653Net Income 2015: -$3,098,3222015Revenue 2016: $38,160,695Expenses 2016: $40,914,778Net Income 2016: -$2,754,0832016Revenue 2017: $41,074,990Expenses 2017: $40,861,605Net Income 2017: $213,3852017Revenue 2018: $45,137,360Expenses 2018: $44,448,332Net Income 2018: $689,0282018Revenue 2019: $48,203,628Expenses 2019: $47,413,784Net Income 2019: $789,8442019Revenue 2020: $52,885,956Expenses 2020: $49,307,343Net Income 2020: $3,578,6132020Revenue 2021: $54,024,496Expenses 2021: $51,166,246Net Income 2021: $2,858,2502021Revenue 2022: $51,709,482Expenses 2022: $57,528,731Net Income 2022: -$5,819,2492022Revenue 2023: $62,705,043Expenses 2023: $59,361,003Net Income 2023: $3,344,0402023Revenue 2024: $61,261,909Expenses 2024: $67,179,056Net Income 2024: -$5,917,1472024

Highlighted filing

2023

Revenue$62,705,043
Expenses$59,361,003
Net Income$3,344,040
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jul 2, 2024
Return Version
2022v5.0
Gross Receipts
$61,861,807
Mission and Program Overview

Mission

Newberry College challenges and nurtures students for lifetimes of service and leadership through intellectual transformation, social development, a culture of physical well-being, and spiritual growth by providing a Christian education in the Lutheran tradition.

Provide undergraduate education for approximately 1,000 students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$35,068,111$42,820,590▲ $7,752,479
Investments in Publicly Traded Securities$12,586,019$14,115,166▲ $1,529,147
Pledges and Grants Receivable$3,142,375$7,295,459▲ $4,153,084
Investments Other Securities$6,619,344$5,908,737▼ $710,607
Savings and Temporary Cash Investments$10,385,413$3,424,675▼ $6,960,738
Accounts Receivable$531,691$676,739▲ $145,048
Prepaid Expenses and Deferred Charges$273,800$284,219▲ $10,419
Cash and Non-Interest-Bearing Accounts$344,312$96,237▼ $248,075
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$71,038,341$79,179,675▲ $8,141,334
Other Assets Total$2,087,276$4,557,853▲ $2,470,577
Liabilities
Mortgage Notes Payable Secured by Investment Property$31,795,769$33,643,592▲ $1,847,823
Accounts Payable and Accrued Expenses$2,398,773$4,106,948▲ $1,708,175
Other Liabilities$839,317$3,114,794▲ $2,275,477
Unsecured Notes Loans Payable$1,864,654$1,452,077▼ $412,577
Deferred Revenue$267,262$752,165▲ $484,903
Total Liabilities$37,165,775$43,069,576▲ $5,903,801
Net Assets / Fund Balance
Net Assets With Donor Restrictions$22,266,168$27,799,511▲ $5,533,343
Net Assets Without Donor Restrictions$11,606,398$8,310,588▼ $3,295,810
Total Net Assets Fund Balance$33,872,566$36,110,099▲ $2,237,533
Total Liabilities and Net Assets / Fund Balance$71,038,341$79,179,675▲ $8,141,334

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$29,463,090$32,703,996$62,167,086
Equipment$3,365,492$14,917,098$18,282,590
Other Land Buildings$7,549,936$2,103,233$9,653,169
Land$2,442,072-$2,257,062
Other Assets Org$313,620--
Other Securities$5,908,737--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$16,880,555$2,296,244▲ $1,536,594$1,022,359$19,691,034
2021$19,592,471$1,487,800▼ $3,161,556$1,038,160$16,880,555
2020$17,540,875$432,412▲ $2,647,767$1,028,583$19,592,471
2019$16,044,339$319,246▲ $2,137,919$960,629$17,540,875
2018$15,435,592$837,774▲ $795,161$1,024,188$16,044,339
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-PresidentFT$300,569$85,727$386,296
-VPAA & Dean of CollegeFT$176,903$18,504$195,407
-VP Institutional AdvancemeFT$173,801$18,233$192,034
-VP Admin Affairs & CFOFT$180,000-$180,000
-Head Coach, FootballFT$121,956$13,458$135,414
-Professor of Business and FinanceFT$112,899$3,289$116,188

Board Members and Trustees

NameTitle
-Board Chair
-Board Vice Chair
-Trustee
-Trustee (Part Year)
-Trustee/Alimni Rep
-Trustee/Athletic Club Rep
-Trustee/ELCA Rep
-Trustee/Exe Comm at Large
-Trustee/Faculty Rep
-Trusteee
-Secretary
-Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Aramark Services IncFacilities and MaintenancePO Box 828441, Philadelphia, PA 19182$4,468,355
Sodexo Inc & AffiliatesDining ServicesPO Box 360170, Pittsburgh, PA 15251$3,717,666
J Davis ConstructionConstruction Services109 Nunnally Rd, Anderson, SC 29625$1,844,093
Oakland Mill Master Tenant LLCResidential ServicesPO Box 734, Newberry, SC 29108$902,033
Ardeo Education Solutions LLCLoan repayment assistance program1011 Warrendale Rd, Lisle, IL 60532$375,000
Revenue and Support

Revenue Composition

Contributions and Grants
$10,493,487
Program Service Revenue
$49,592,424
Investment Income
$2,588,237
Other Revenue
$30,895
All Other Contributions
$5,510,812
Change in Net Assets
$3,344,040

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
Real Estate Other1$104,300Other - Appraised Value
Other Non Cash Contri Table1$29,710Cost
Other Non Cash Contri Table2$18,098Cost
Drugs and Medical Supplies1$8,700Cost
Other Non Cash Contri Table1$1,815Cost
Other Non Cash Contri Table1$1,548Cost
Total Noncash Contributions7$164,171-

Audited Revenue Reconciliation

Revenue per Audited Statements
$41,293,115
Revenue Not Reported on Financial Statements
$21,411,928
Revenue Not Reported on Form 990
$-1,094,030
Other Revenue Adjustments
$21,316,056
Total Revenue per Audited Statements
$40,199,085
Total Revenue per Form 990
$62,705,043
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$21,316,056
Other Expenses$21,203,427
Salaries, Compensation, and Employee Benefits$16,841,520
Total Fundraising Expense$1,300,986
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$21,316,056--$21,316,056
Other Salaries and Wages$11,281,753$1,084,158$778,000$13,143,911
Travel$3,814,787$29,527$22,104$3,866,418
Occupancy$3,131,634$513,051$20,184$3,664,869
Office Expenses$1,878,635$773,859$57,849$2,710,343
Depreciation Depletion$1,745,168$283,818$11,167$2,040,153
Fees for Services Other$1,872,654$41,647$37,510$1,951,811
Interest$1,622,159$207,141$10,386$1,839,686
Other Employee Benefits$1,269,464$301,371$90,121$1,660,956
Information Technology$1,058,238$186,748-$1,244,986
Payroll Taxes$887,476$89,722$59,278$1,036,476
Insurance$283,537$612,173-$895,710
Current Officers, Directors, Trustees, and Key Employees$485,812$61,854$33,683$581,349
Other Expenses$401,683$391,642$30,700$401,683
Pension Plan Contributions$264,444$62,779$18,773$345,996
Fees for Services Legal-$148,738-$148,738
Conferences and Meetings$96,859$609$45,946$143,414
Fees for Services Accounting-$135,007-$135,007
Fees for Service Investment Mgmnt Fees-$95,910-$95,910
Advertising$5,142-$85,285$90,427
Comp Disqual Persons-$72,832-$72,832
Total Functional Expenses$51,734,454$6,325,563$1,300,986$59,361,003

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$59,361,003
Total Expenses per Audited Statements$37,961,552
Expenses per Audited Statements$37,949,075
Expenses Not Reported on Financial Statements$21,411,928
Other Expense Adjustments$21,316,056
Expenses Not Reported on Form 990$12,477
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$43,410
Fundraising Direct Expenses$12,515
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
2023 Spring Golf Tournament$29,020$29,020-$29,020
2023 Howling Wolf Night$16,285$14,390$0$14,390
Total Events$45,305$43,410$12,515$30,895
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Entity more than 35% owned by TrusteeLease of student spaceNo$1,081,581
-Entity more than 35% owned by TrusteeManagement Fees received from interested personNo$173,537
-President's SpouseCompensationNo$72,832

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Financing lease right-of-use liabilities$2,552,856
Other Liabilities$299,488
Operating lease right-of-use liabilities$262,450
US Government loan funds refundable-
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
Yes
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, Line 15

The independent Board of Trustees determines the compensation for the President. The President sets the compensation for the other officers and informs the Board of the compensation. The approval process is documented.

Form 990, Part VI, Line 1A Delegate broad authority to A committee

The Executive Committee shall have six (6) members, all of whom shall be voting Trustees, except for the President who shall be ex officio without vote and not counted as part of a quorum for the purpose of transacting business. The Chair, Vice Chair, Secretary and Treasurer of the Board of Trustees shall be members. In addition, one (1) Trustee shall be nominated by the Committee on Trusteeship and Governance and elected by the Board at the annual meeting to serve at-large on the Executive Committee. The purpose of the Executive Committee is twofold: 1) It shall serve at the pleasure of the Board as its agent, to address the business of the Board between Board meetings; and 2) It shall assist the Chair and the President in their joint responsibility to help the Board to function effectively and efficiently by suggesting Board meeting agenda items and periodically assessing the quality of Board Committees work. The Executive Committee shall have authority to act for the Board of Trustees on all matters except for the following which shall be reserved for the Board: presidential selection and termination; Trustee and Board officer selection; changes in institutional mission and purposes; changes to the Charter, Constitution or these Bylaws; incurring of corporate indebtedness; sale of College assets or tangible property; adoption of the annual budget; and conferral of degrees. These Bylaws or other Board policy may reserve other powers for the Board of Trustees. In addition to its authority to take action on emergency matters which cannot or should not be deferred to the Board's next scheduled meeting, the Executive Committee shall oversee the work of Board Committees, the College's planning process or progress on planning goals, the Board's responsibility to support the President and assess his or her performance, and review annually the President's compensation and conditions of employment.

Form 990, Part VI, Line 11B Review of form 990 by governing body

Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.

Form 990, Part VI, Line 12C Conflict of interest policy

The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Chairman of the board of Trustees, President, CFO, Vice Chairman of the Board of Trustees, and Treasurer of the Board of Trustees are responsible for reviewing signed statements ensuring that interested persons are in compliance with the conflict of interest policy. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberations.

Form 990, Part VI, Line 19 Required documents available to the public

The governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Newberry College
EIN
57-0314404
Phone
8032765010
Address
2100 College Street, Newberry, SC 29108

Signing Officer

Name
David Sayers
Title
VP Admin Affairs and CFO
Signed
2024-07-02
Discuss with paid preparer
Yes

Organization Details

Formed
1856
Legal Domicile
Sc
Voting Board Members
24
Independent Board Members
24
Employees
566
Volunteers
31

Preparer

Firm
Capin Crouse LLP
Address
1255 Lakes Parkway Suite 105, Lawrenceville, GA 30043
Preparer
Daren Daiga
Phone
5055022746
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D Description of other program services

(Expenses $ 2,164,649 including grants of $) Academic Support Newberry College strives to provide as much support as possible to our faculty and staff. We have developed and implemented programs in Dyslexia and writing and tutoring, along with Professional development for our faculty and staff.

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Change in Value of Perpetual Trusts - -136422;

Financial Statement Notes

Schedule D, Part III, Line 4 Collections of art - description of collections

The Newberry College Archives in the process of transforming a parttime effort into a formal records repository, research library, and outreach effort benefitting internal and external stakeholders documents the history of the college, appraising, collecting, organizing, describing, and preserving records and other items of permanent institutional value provides research assistance to administrators, faculty, staff, students, alumni, and the public and interprets the history of Newberry College to the college community and the public. Preserving and interpreting the college's 160year record of preparing students in the Lutheran liberal arts tradition for intellectual and personal development, meaningful vocation, and engaged citizenship makes a significant contribution to the institution's mission and helps shape its identity. Newberry College's Special Collections represent approximately 3,500 rare and unique print items donated to the library since its inception. The items represent historic assets as well as materials preserved by the library because of their scarcity, value or fragile condition. Like the archives, Newberry College's Special Collections represent the activities undertaken by the College throughout its history.

Schedule D, Part V, Line 4 Intended uses of endowment funds

The College's endowments consist of approximately 360 individual funds established for a variety of purposes as a result of donor contributions.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Fundraising Event Expenses - 12515 Change in value of perpetual trusts - -136422

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

Tuition Scholarships - 21316056

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Fundraising Event Expenses - 12515

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

Tuition Scholarships - 21316056

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IRS990/Desc0Instruction Newberry College has a rich tradition of providing personal attention, challenging academic programs, and a close-knit community that welcomes everyone. We combine our strong liberal arts foundation with specialized professional degree programs to prepare students for successful futures. Newberry College prepares students in the Lutheran liberal arts tradition through our supportive academic community for lifelong intellectual and personal development, meaningful vocation, and engaged citizenship in the global society. Intellectual Development Students will acquire, develop, and demonstrate: -knowledge of the arts, sciences, and humanities as ways of understanding the world and our place in it. -effective oral and written communication skills. -critical thinking and quantitative analytical skills necessary for interpreting information and solving problems in a 21st-century global society. -proficiency in information literacy. Personal Development Students will acquire, develop, and demonstrate: -the ability to work with others as leaders or as members of a team to accomplish common goals in a diverse society. -an understanding of the heritage of the Christian faith and its contribution to humane problem solving in the evolving global community. -moral reasoning skills essential for making life choices that balance personal freedoms and societal responsibilities. -the knowledge, attitudes, and habits that contribute to a healthy lifestyle. Meaningful Vocation Students will acquire, develop, and demonstrate: -knowledge of the history, methods of inquiry, and current intellectual claims of a chosen specific discipline or interdisciplinary area of study. -knowledge and skills that foster life-long personal growth and professional development in their vocational pursuits. Engaged Citizenship in a Global Society Students will acquire, develop, and demonstrate: -the values necessary for effective citizenship. -the skills and historical knowledge to think critically about complex national and global issues. -the qualities of personal and social responsibility necessary to sustain and deepen democracy.
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5Mark Wilhelm
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Mr Kevin Strickland
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IRS990/Form990PartVIISectionAGrp/TitleTxt29VPAA & Dean of College
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IRS990/Form990PartVIISectionAGrp/TitleTxt32Professor of Business and Finance
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$79.7$47.4$32.2$61.3$67.2$5.92
2023Detailed filing. Detailed filing data is available for this year.$79.2$43.1$36.1$62.7$59.4$3.34
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$71.0$37.2$33.9$51.7$57.5$5.82
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$69.8$37.3$32.5$54.0$51.2$2.86
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.9$35.6$28.3$52.9$49.3$3.58
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$56.6$33.8$22.9$48.2$47.4$0.79
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$55.4$33.5$21.8$45.1$44.4$0.69
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$50.7$29.4$21.3$41.1$40.9$0.21
2016Detailed filing. Detailed filing data is available for this year.$51.0$30.5$20.5$38.2$40.9$2.75
2015Detailed filing. Detailed filing data is available for this year.$53.0$29.6$23.4$38.5$41.6$3.10
2014Detailed filing. Detailed filing data is available for this year.$58.0$29.7$28.3$39.1$37.8$1.30
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.7$29.2$24.6$36.4
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$55.1$29.2$25.9$38.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.6$28.2$30.4$36.4
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.6$28.2$25.4$33.2