Civic Intelligence

Wofford College

990 • Fiscal year 2019 • EIN 57-0314422

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 10, 2020

429 North Church StreetSpartanburg, SC 29303-3663

(864) 597-4226

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$498,394,896

Up $38,054,728 (+8.3%) from 2018

Net Assets

Up

$378,644,108

Up $25,046,914 (+7.1%) from 2018

Liabilities

Up

$119,750,788

Up $13,007,814 (+12%) from 2018

Revenue And Expenses

Revenue

Up

$134,458,513

Up $22,859,625 (+20%) from 2018

Expenses

Up

$116,388,113

Up $6,107,356 (+5.5%) from 2018

Net Income

Up

$18,070,400

Up $16,752,269 (+1271%) from 2018

Historical Trend

Balance Sheet Trend

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

$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

2019

Assets$498,394,896
Liabilities$119,750,788
Net Assets$378,644,108

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$134,458,513
Expenses$116,388,113
Net Income$18,070,400
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 10, 2020
Return Version
2018v3.2
Gross Receipts
$160,201,649
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
Land, Buildings, and Equipment, Net$202,561,233$208,767,063▲ $6,205,830
Investments Other Securities$125,830,621$132,901,178▲ $7,070,557
Investments in Publicly Traded Securities$76,470,101$74,036,255▼ $2,433,846
Pledges and Grants Receivable$36,614,041$38,330,639▲ $1,716,598
Savings and Temporary Cash Investments-$28,192,353-
Cash and Non-Interest-Bearing Accounts$13,577,575$8,718,530▼ $4,859,045
Prepaid Expenses and Deferred Charges$1,036,121$2,631,109▲ $1,594,988
Accounts Receivable$661,358$1,116,043▲ $454,685
Investments Program Related$159,900$117,778▼ $42,122
Total Assets$460,340,168$498,394,896▲ $38,054,728
Other Assets Total$3,429,218$3,583,948▲ $154,730
Liabilities
Tax Exempt Bond Liabilities$82,683,190$94,477,737▲ $11,794,547
Deferred Revenue$7,843,562$10,306,414▲ $2,462,852
Other Liabilities$10,024,500$9,192,651▼ $831,849
Accounts Payable and Accrued Expenses$6,111,096$5,687,005▼ $424,091
Escrow Account Liability$80,626$86,981▲ $6,355
Total Liabilities$106,742,974$119,750,788▲ $13,007,814
Net Assets / Fund Balance
Permanently Rstr Net Assets$145,614,581$152,004,416▲ $6,389,835
Unrestricted Net Assets$134,196,757$136,609,007▲ $2,412,250
Temporarily Rstr Net Assets$73,785,856$90,030,685▲ $16,244,829
Total Net Assets Fund Balance$353,597,194$378,644,108▲ $25,046,914
Total Liabilities and Net Assets / Fund Balance$460,340,168$498,394,896▲ $38,054,728

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$129,124,426$101,644,220$230,768,646
Equipment$32,597,655$25,660,236$58,257,891
Land$38,655,281-$32,747,425
Other Land Buildings$8,265,631-$8,265,631
Leasehold Improvements$124,070$97,665$221,735
Other Securities$10,925,806--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$205,990,556$5,984,553▲ $8,539,298$2,515,990$211,672,562
2017$194,389,675$4,667,684▲ $15,657,920$2,473,249$205,990,556
2016$172,366,619$9,306,857▲ $21,499,220$2,584,349$194,389,675
2015$184,707,575$4,529,973▼ $8,375,296-$172,366,619
2014$191,830,918$3,803,113▼ $3,555,275$2,302,639$184,707,575
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nayef SamhatPresidentFT$400,382$116,306$516,688
Josh ConklinHead Football CoachFT$282,345$39,851$322,196
David WoodSenior VP for DevelopmentFT$231,840$32,638$264,478
Michael YoungHead Basketball CoachFT$222,435$28,380$250,815
Mike SosulskiProvostFT$156,293$56,240$212,533
Calhoun KennedyAssoc VP/exec Director DevelopmentFT$148,052$30,262$178,314
Boyce LawtonDean for Student SuccessFT$152,874$20,756$173,630
Richard JohnsonDirector of AthleticsFT$146,712$21,629$168,341
David BeachamSenior VP for AdministrationFT$145,240$21,267$166,507
Christopher GardnerChief Financial OfficerFT$135,405$20,567$155,972

Highest Paid Contractors

ContractorServicesLocationCompensation
The Robins & Morton GroupConstruction400 SHADES CREEK PARKWAY, Birmingham, AL 35209$4,247,468
H General Contractors LLCContractor780 EAST MAIN STREET, Spartanburg, SC 29302$889,613
Mcmillan Pazdan Smith Architecture LLCArchitectural ServicesPO BOX 5331, Spartanburg, SC 29304$839,823
Spartanburg Regional Medical CenterMedical Services101 E WOOD ST, Spartanburg, SC 29303$179,901
Revenue and Support

Revenue Composition

Contributions and Grants
$38,662,486
Program Service Revenue
$92,905,648
Investment Income
$2,686,455
Other Revenue
$203,924
All Other Contributions
$37,579,206
Change in Net Assets
$18,070,400

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 Other3$2,854,000Appraisal
Securities Publicly Traded65$2,692,669Fair Market Value (FMV) Quoted Market Price
Other Non Cash Contri Table6$68,812Fair Market Value (FMV)
Total Noncash Contributions74$5,615,481-

Audited Revenue Reconciliation

Revenue per Audited Statements
$133,413,079
Revenue Not Reported on Financial Statements
$1,045,434
Revenue Not Reported on Form 990
$-33,045,280
Other Revenue Adjustments
$-143,261
Total Revenue per Audited Statements
$100,367,799
Total Revenue per Form 990
$134,458,513
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$40,103,508
Salaries, Compensation, and Employee Benefits$38,986,892
Other Expenses$37,297,713
Total Fundraising Expense$2,578,196
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$40,103,508--$40,103,508
Other Salaries and Wages$24,372,576$2,572,558$1,236,985$28,182,119
Depreciation Depletion$8,841,976$288,255-$9,130,231
Other Employee Benefits$3,539,179$1,384,392$235,787$5,159,358
Occupancy$4,811,463$153,310-$4,964,773
Office Expenses$3,009,359$459,959$172,560$3,641,878
Interest$2,607,136$81,036-$2,688,172
All Other Expenses$1,581,676$1,024,758$56,238$2,662,672
Travel$2,175,869$135,357$72,511$2,383,737
Payroll Taxes$1,919,447$202,600$115,676$2,237,723
Pension Plan Contributions$1,824,732$214,781$102,001$2,141,514
Fees for Services Other$1,045,348$487,502$61,582$1,594,432
Current Officers, Directors, Trustees, and Key Employees$845,210$104,539$316,429$1,266,178
Fees for Service Investment Mgmnt Fees-$1,188,695-$1,188,695
Information Technology$888,690$156,506$72,808$1,118,004
Other Expenses$643,423$81,593$135,619$643,423
Insurance$245,199$380,254-$625,453
Total Functional Expenses$104,893,822$8,916,095$2,578,196$116,388,113

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$116,388,113
Total Expenses per Audited Statements$75,239,171
Expenses per Audited Statements$75,095,910
Expenses Not Reported on Financial Statements$41,292,203
Other Expense Adjustments$40,103,508
Expenses Not Reported on Form 990$143,261
International Activity

International Summary

Offices
0
Employees
0
Spending
$31,306,408

International Compliance

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

International Activities

RegionActivityServicesOfficesEmployeesSpending
Central America and the CaribbeanInvestments-00$31,306,408
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$143,261
Fundraising Gross Income$113,336
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Terrier Ball$242,095$104,676$49,413$55,263
Golf Tournament$13,960$8,660$13,145$-4,485
Total Events$256,055$113,336$143,261$-29,925
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$7,545,677
Advances Under Line of Credit$725,000
Asset Retirement Obligations$472,991
Capital Leases Payable$251,720
Advances From Federal Government$197,263

Bond Issues

BondIssuerIssuedIssue PricePurpose
CSc Jobs Economic Development Authority2015-11-05$50,000,000Economic development revenue bonds
ASc Jobs Economic Development Authority2019-05-23$28,659,198Construction of residence hall, science building, athletic facilities, etc.
BSc Jobs Economic Development Authority2010-12-23$28,450,000Economic development revenue bonds
DSc Jobs Economic Development Authority2016-07-13$27,794,978Economic development revenue bonds
ASouth Carolina Education Facilities Authority-series B2007-03-28$4,680,000Educational facilities revenue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$50,000,000-$27,850,000$205,398
A$28,671,960--$389,768
B$28,450,000$306,085$11,790,603$100,000
D$27,794,978-$1,710,000$310,328
A$4,680,000$27,484,650$2,090,000$65,865

Bond Financing Compliance

No rebate due
No
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 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
2020-07-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nayef H Samhat
Formed
1854
Legal Domicile
Sc
Voting Board Members
31
Independent Board Members
31
Employees
1,235
Volunteers
40

Preparer

Firm
Cherry Bekaert Llp
Address
110 EAST COURT STREET SUITE 500, GREENVILLE, SC 29601
Preparer
Amanda Adams
Phone
8642333981
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in estimate of collectibility of pledges receivable 54,577. Postretirement benefit-related changes -81,714. Change in value of split-interest agreements -90,318.

Financial Statement Notes

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 900 individual funds established for a variety of purposes including academic scholarships, endowed chairs, and other operations of the college.

PART X, LINE 2:

The college is a tax-exempt organization as described in section 501(c)(3) of the internal revenue code ("the code") and is generally exempt from federal income taxes on related income pursuant to section 501(a) of the code. Accordingly, no provision for income taxes is made in the financial statements. 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, 2019 and 2018.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Student assistance -40,103,508. Change in value of split interest agreements -90,318. Change in estimate of collectibility of pledges receivable 54,577.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Fundraising event expenses shown net of revenues on financials -143,261.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expenses shown net of revenues on financials 143,261.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Student assistance 40,103,508.

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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
2019Detailed filing. Detailed filing data is available for this year.$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