Civic Intelligence

Wofford College

EIN 57-0314422 • 501(c)3 • Spartanburg, SC

Profile

The purpose of wofford college is to function as a liberal arts institution of superior quality. Its chief concern is the development of an intellectual, spiritual, and aesthetic atmosphere in which serious and inquiring minds of students and faculty alike will be challenged to a common search for truth and freedom, wherever that search may lead, and in which each person may become aware of his or her own individual worth, while aspiring to high standards of learning and morality. In such an environment all members of the wofford community should develop intellectual curiosity, independence of thought, maturity of judgment, self-discipline, religious faith, and moral character so that they will be ever sensitive to the duties and responsibilities of good citizenship and render effective leadership and generous service to the communities in which they live. This concept of liberal education is in harmony with the ideals of the united methodist church, to which the college is related.

429 North Church StreetSpartanburg, SC 29303-3663

www.wofford.edu

Siviq Scores

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

Liabilities / Assets

34th percentile

0.17x

Higher debt load relative to assets than 34% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

66th percentile

0.73x

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

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

61st percentile

8.1%

Higher net margin than 61% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

50th percentile

$839,498

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

74th percentile

12%

Faster asset growth than 74% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

79th percentile

24%

Faster revenue growth than 79% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Assets

Up

$761,005,885

Up $80,033,738 (+12%) from 2023

Liabilities

Up

$125,626,073

Up $28,389,488 (+29%) from 2023

Net Assets

Up

$635,379,812

Up $51,644,250 (+8.8%) from 2023

Revenue

Up

$171,362,354

Up $32,911,211 (+24%) from 2023

Expenses

Up

$157,540,405

Up $10,498,933 (+7.1%) from 2023

Net Income

Up

$13,821,949

Up $22,412,278 (+261%) from 2023

Trend Graphs

Balance Sheet Trend

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

$800M$600M$400M$200M$0Assets 2010: $252,845,323Liabilities 2010: $55,932,056Net Assets 2010: $196,913,2672010Assets 2011: $308,597,717Liabilities 2011: $87,305,742Net Assets 2011: $221,291,9752011Assets 2012: $286,969,524Liabilities 2012: $74,670,654Net Assets 2012: $212,298,8702012Assets 2013: $299,961,547Liabilities 2013: $72,893,779Net Assets 2013: $227,067,7682013Assets 2014: $324,435,145Liabilities 2014: $73,750,002Net Assets 2014: $250,685,1432014Assets 2015: $322,250,082Liabilities 2015: $74,950,532Net Assets 2015: $247,299,5502015Assets 2016: $399,426,886Liabilities 2016: $87,523,916Net Assets 2016: $311,902,9702016Assets 2017: $463,591,029Liabilities 2017: $127,241,977Net Assets 2017: $336,349,0522017Assets 2018: $460,340,168Liabilities 2018: $106,742,974Net Assets 2018: $353,597,1942018Assets 2019: $498,394,896Liabilities 2019: $119,750,788Net Assets 2019: $378,644,1082019Assets 2020: $486,613,567Liabilities 2020: $112,225,922Net Assets 2020: $374,387,6452020Assets 2021: $711,477,061Liabilities 2021: $102,075,838Net Assets 2021: $609,401,2232021Assets 2022: $647,728,470Liabilities 2022: $97,937,370Net Assets 2022: $549,791,1002022Assets 2023: $680,972,147Liabilities 2023: $97,236,585Net Assets 2023: $583,735,5622023Assets 2024: $761,005,885Liabilities 2024: $125,626,073Net Assets 2024: $635,379,8122024

Highlighted filing

2024

Assets$761,005,885
Liabilities$125,626,073
Net Assets$635,379,812

Operations Trend

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

$400M$300M$200M$100M$0-$100MExpenses 2010: $74,518,0142010Expenses 2011: $79,818,4812011Expenses 2012: $83,756,0332012Expenses 2013: $83,483,0482013Revenue 2014: $87,720,319Expenses 2014: $86,776,655Net Income 2014: $943,6642014Revenue 2015: $105,376,122Expenses 2015: $92,606,412Net Income 2015: $12,769,7102015Revenue 2016: $176,339,357Expenses 2016: $95,893,946Net Income 2016: $80,445,4112016Revenue 2017: $109,535,119Expenses 2017: $103,947,512Net Income 2017: $5,587,6072017Revenue 2018: $111,598,888Expenses 2018: $110,280,757Net Income 2018: $1,318,1312018Revenue 2019: $134,458,513Expenses 2019: $116,388,113Net Income 2019: $18,070,4002019Revenue 2020: $116,076,279Expenses 2020: $119,960,192Net Income 2020: -$3,883,9132020Revenue 2021: $301,668,319Expenses 2021: $124,563,610Net Income 2021: $177,104,7092021Revenue 2022: $131,734,869Expenses 2022: $132,652,020Net Income 2022: -$917,1512022Revenue 2023: $138,451,143Expenses 2023: $147,041,472Net Income 2023: -$8,590,3292023Revenue 2024: $171,362,354Expenses 2024: $157,540,405Net Income 2024: $13,821,9492024

Highlighted filing

2024

Revenue$171,362,354
Expenses$157,540,405
Net Income$13,821,949

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$761$126$635$171$158$13.8
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$681$97.2$584$138$147$8.59
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$648$97.9$550$132$133$0.92
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$711$102$609$302$125$177
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$487$112$374$116$120$3.88
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$498$120$379$134$116$18.1
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$460$107$354$112$110$1.32
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$464$127$336$110$104$5.59
2016Detailed filing. Detailed filing data is available for this year.$399$87.5$312$176$95.9$80.4
2015Detailed filing. Detailed filing data is available for this year.$322$75.0$247$105$92.6$12.8
2014Detailed filing. Detailed filing data is available for this year.$324$73.8$251$87.7$86.8$0.94
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$300$72.9$227$83.5
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$287$74.7$212$83.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$309$87.3$221$79.8
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$253$55.9$197$74.5
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$301,261,108
Mission and Program Overview

Mission

The purpose of wofford college is to function as a liberal arts institution of superior quality. Its chief concern is the development of an intellectual, spiritual, and aesthetic atmosphere in which serious and inquiring minds of students and faculty alike will be challenged to a common search for truth and freedom, wherever that search may lead, and in which each person may become aware of his or her own individual worth, while aspiring to high standards of learning and morality. In such an environment all members of the wofford community should develop intellectual curiosity, independence of thought, maturity of judgment, self-discipline, religious faith, and moral character so that they will be ever sensitive to the duties and responsibilities of good citizenship and render effective leadership and generous service to the communities in which they live. This concept of liberal education is in harmony with the ideals of the united methodist church, to which the college is related.

The purpose of wofford college is to function as a liberal arts institution of superior quality.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$308,046,446$347,081,165▲ $39,034,719
Land, Buildings, and Equipment, Net$244,837,228$243,901,095▼ $936,133
Investments in Publicly Traded Securities$102,278,372$112,473,024▲ $10,194,652
Savings and Temporary Cash Investments$914,893$25,458,572▲ $24,543,679
Pledges and Grants Receivable$7,526,672$14,263,601▲ $6,736,929
Cash and Non-Interest-Bearing Accounts$5,512,944$6,733,555▲ $1,220,611
Accounts Receivable$2,370,797$1,908,010▼ $462,787
Prepaid Expenses and Deferred Charges$1,647,382$1,820,911▲ $173,529
Investments Program Related$13,790--
Total Assets$680,972,147$761,005,885▲ $80,033,738
Other Assets Total$7,823,623$7,365,952▼ $457,671
Liabilities
Tax Exempt Bond Liabilities$64,138,584$93,527,657▲ $29,389,073
Deferred Revenue$12,574,470$11,772,344▼ $802,126
Other Liabilities$8,653,598$7,091,800▼ $1,561,798
Mortgage Notes Payable Secured by Investment Property$5,682,000$7,000,000▲ $1,318,000
Accounts Payable and Accrued Expenses$6,187,933$6,234,272▲ $46,339
Total Liabilities$97,236,585$125,626,073▲ $28,389,488
Net Assets / Fund Balance
Net Assets With Donor Restrictions$433,199,206$485,879,518▲ $52,680,312
Net Assets Without Donor Restrictions$150,536,356$149,500,294▼ $1,036,062
Total Net Assets Fund Balance$583,735,562$635,379,812▲ $51,644,250
Total Liabilities and Net Assets / Fund Balance$680,972,147$761,005,885▲ $80,033,738

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$145,081,271$142,793,472$287,874,743
Equipment$37,621,469$37,028,212$74,649,681
Land$52,736,119-$49,780,085
Other Land Buildings$7,928,231-$7,928,231
Leasehold Improvements$534,005$525,585$1,059,590
Other Securities$12,712,807--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$417,384,227$5,688,255▲ $56,512,228$5,761,824$465,415,514
2022$378,836,923$6,741,101▲ $44,714,235$4,948,572$417,384,227
2021$437,512,908$7,552,255▼ $56,417,152$2,458,828$378,836,923
2020$208,057,660$166,945,863▲ $71,820,974$2,395,223$437,512,908
2019$211,672,562$4,765,749▲ $685,268$2,396,235$208,057,660
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nayef SamhatPresidentFT$495,989$343,509$839,498
Steven WatsonHead Football CoachFT$283,117$42,494$325,611
Calhoun KennedyVP of Philanthropy & EngagementFT$213,078$39,144$252,222
Chris GardnerChief Financial OfficerFT$191,825$37,171$228,996
Dwight PerryHead Basketball CoachFT$181,592$25,748$207,340
Boyce LawtonDean of Student SuccessFT$173,903$23,727$197,630
Timothy SchmitzProvostFT$168,778$25,069$193,847
Richard JohnsonDirector of AthleticsFT$164,280$24,508$188,788

Highest Paid Contractors

ContractorServicesLocationCompensation
The Robins & Morton GroupConstruction400 SHADES CREEK PARKWAY, Birmingham, AL 35209$3,369,525
BenistarhartfordMedical ServicesPO BOX 1267, Buffalo, NY 14240$409,045
Spartanburg Regional Medical CenterMedical Services101 E WOOD STREET, Spartanburg, SC 29303$263,626
Hub Development LLCReal Estate Services578 N CHURCH ST, Spartanburg, SC 29303$177,513
Cherry Bekaert LLPAccountingPO BOX 632239, Cincinnati, OH 45263$166,598
Revenue and Support

Revenue Composition

Contributions and Grants
$20,386,798
Program Service Revenue
$127,592,049
Investment Income
$23,330,557
Other Revenue
$52,950
All Other Contributions
$20,023,759
Change in Net Assets
$13,821,949

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$1,076,809Quoted Mkt. Price
Total Noncash Contributions25$1,076,809-

Audited Revenue Reconciliation

Revenue per Audited Statements
$168,642,916
Revenue Not Reported on Financial Statements
$2,719,438
Revenue Not Reported on Form 990
$-23,963,516
Other Revenue Adjustments
$-19,075
Total Revenue per Audited Statements
$144,679,400
Total Revenue per Form 990
$171,362,354
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$61,785,817
Other Expenses$48,115,229
Salaries, Compensation, and Employee Benefits$47,639,359
Total Fundraising Expense$2,273,397
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$61,785,817--$61,785,817
Other Salaries and Wages$29,801,033$3,288,687$1,423,251$34,512,971
Depreciation Depletion$10,553,355$324,191-$10,877,546
Other Employee Benefits$6,285,589$716,599$270,666$7,272,854
Occupancy$5,732,480$155,154-$5,887,634
Office Expenses$3,489,509$717,447$63,727$4,270,683
All Other Expenses$2,508,712$1,262,627$19,925$3,791,264
Interest$3,113,174$89,069-$3,202,243
Pension Plan Contributions$2,463,969$285,596$130,932$2,880,497
Travel$2,589,676$173,165$85,910$2,848,751
Fees for Service Investment Mgmnt Fees-$2,738,513-$2,738,513
Payroll Taxes$1,703,333$202,996$79,876$1,986,205
Fees for Services Other$1,049,407$631,274$44,313$1,724,994
Information Technology$1,084,757$291,890$55,104$1,431,751
Insurance$289,428$830,760-$1,120,188
Current Officers, Directors, Trustees, and Key Employees$609,576$377,256-$986,832
Other Expenses$742,518$249$99,693$742,518
Fees for Services Accounting-$194,665-$194,665
Fees for Services Legal-$30,405-$30,405
Total Functional Expenses$142,498,119$12,768,889$2,273,397$157,540,405

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$157,540,405
Total Expenses per Audited Statements$93,035,150
Expenses per Audited Statements$93,016,075
Expenses Not Reported on Financial Statements$64,524,330
Other Expense Adjustments$61,785,817
Expenses Not Reported on Form 990$19,075
International Activity

International Summary

Offices
0
Employees
0
Spending
$27,862,470

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 Caribbean - Antigua & Barbuda, Aruba, Bahamas,Investments-00$27,862,470
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$19,075
Fundraising Gross Income$19,075
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Atlanta Golf Tournament$79,082$19,075$19,075$0
Total Events$79,082$19,075$19,075$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
Postretirement Benefits Obligation$3,862,160
Operating Lease Liabilities$2,319,766
Finance Lease Liabilities$491,745
Asset Retirement Obligations$418,129

Bond Issues

BondIssuerIssuedIssue PricePurpose
DSc Jobs Economic Development Authority2024-05-30$33,181,392Finance renovation of campus housing, software implementation, etc
BSc Jobs Economic Development Authority2019-05-23$28,709,531Construction of residence hall, science building, athletic facilities, etc.
ASc Jobs Economic Development Authority2016-07-13$27,794,978Economic development revenue bonds
CSc Jobs Economic Development Authority-series a2020-09-30$17,650,000Refinance 2010 bonds and payments on 2007b and 2016 bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$33,181,392--$391,881
B$28,709,531$306,085$935,000$389,768
A$27,794,978$27,484,650$6,040,000$310,328
C$17,650,000$17,452,787$4,900,000$197,213

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 A, Line 7A

Members of the governing body, the board of trustees, in accordance with the will of benjamin wofford (founder), are elected by the south carolina conference of the united methodist church. The process for trustee selection and election is one involving advice and consent among and between members of the board of trustees and appropriate representatives of the church body.

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by management prior to filing. The final form 990 is also provided to the full board prior to filing.

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

The college's conflict of interest policy applies to its board of trustees and officers. It is the responsibility of each trustee and officer to ensure that appropriate representatives of the college are made aware of situations that involve personal, familial, or business relationships that could conflict with the interests of the college so that the college can satisfy the requirements of all applicable laws, including, without limitation, the provisions of south carolina code annotated section 33-31-831 ("statute"). Each trustee and officer is required annually to review the conflict of interest policy and the statute and disclose any personal, familial, or business matters, transactions, or relationships that reasonably could be construed to give rise to a conflict of interest, real or apparent, involving the college, that would affect his or her independent, unbiased judgment in carrying out his or her duties to the college. In addition, each trustee and officer must disclose promptly in writing any such matters, transactions, or relationships, not previously disclosed that come to his or her attention during the course of a year.

Form 990, Part VI, Section B, Line 15

The president's compensation is established by the chairman of the board of trustees, in consultation with the human resources committee of the board of trustees. The chief financial officer provides research detailing presidential compensation levels at peer institutions to the chairman of the board and the governance committee, which are used in evaluating and establishing the level of compensation for the president. For other officers of the college, during the search process, a compensation comparability study is completed. After that, compensation increases have both an inflationary and discretionary component that is approved by the president of the college.

Form 990, Part VI, Section C, Line 19

The college's annual audited financial statements, irs determination letter, governing documents, and form 990 and schedules are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Wofford College
EIN
57-0314422
Phone
8645974226
Address
429 NORTH CHURCH STREET, SPARTANBURG, SC 29303-3663

Signing Officer

Name
Christopher L Gardner
Title
Chief Financial Officer
Phone
8645974226
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nayef H Samhat
Formed
1854
Legal Domicile
Sc
Voting Board Members
30
Independent Board Members
30
Employees
1,225
Volunteers
30

Preparer

Firm
Cherry Bekaert Advisory LLC
Address
110 EAST COURT STREET SUITE 500, GREENVILLE, SC 29601
Preparer
Melanie Mcpeak
Phone
8642333981
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in estimate of collectibility of pledges receivable 77,731. Postretirement benefit-related changes 1,273,662. Change in value of split-interest agreements 258,136.

Financial Statement Notes

PART III, LINE 4:

The college's collections include paintings, prints and sculpture reflecting a myriad of artistic styles donated by individuals to the college for selective public display. The collection serves as an important cultural resource for our students, faculty, staff and community serving to educate and inspire.

PART IV, LINE 2B:

Funds held in custody for others primarily relates to student organizations.

PART V, LINE 4:

The college's endowment consists of approximately 975 individual funds established for a variety of purposes including academic scholarships, endowed chairs, and other operations of the college. 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 college has evaluated the effect of u.s. Gaap guidance on accounting for uncertainty in income taxes. Management believes that the college continues to satisfy the requirements of a tax-exempt organization. Management also believes that there are no other uncertain tax positions at june 30, 2024 and 2023.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Student assistance -61,785,817. Change in value of split interest agreements 258,136. Change in estimate of collectibility of pledges receivable 77,731. Postretirement benefit-related changes 1,273,662.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising event expenses -19,075.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expenses 19,075.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Student assistance 61,785,817.

Raw XML AppendixShowing 400 of 1,330 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/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt0THE ROBINS & MORTON GROUP
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1BENISTARHARTFORD
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2SPARTANBURG REGIONAL MEDICAL CENTER
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3HUB DEVELOPMENT LLC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt4CHERRY BEKAERT LLP
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IRS990/ContractorCompensationGrp/ServicesDesc2MEDICAL SERVICES
IRS990/ContractorCompensationGrp/ServicesDesc3REAL ESTATE SERVICES
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IRS990/Desc0THE COLLEGE PROVIDED A LIBERAL ARTS EDUCATION TO APPROXIMATELY 1,850 STUDENTS FOR THE 2023-24 ACADEMIC YEAR, GRADUATING APPROXIMATELY 380 STUDENTS WITH BA OR BS DEGREES. THE COLLEGE IS COMMITED TO AFFORDABILITY AND ACCESS TO STUDENTS OF ALL BACKGROUNDS. THE COLLEGE DISTRIBUTED IN EXCESS OF $61 MILLION IN FINANCIAL AID TO ASSIST STUDENTS IN MEETING THE FINANCIAL OBLIGATIONS OF ATTENDING THE INSTITUTION.
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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1BOARD VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD SECRETARY

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