Civic Intelligence

Edward Waters University Inc.

990 • Fiscal year 2022 • EIN 59-1146751

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

1658 Kings RoadJacksonville, FL 32209

(904) 470-8000

Siviq Scores

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

Liabilities / Assets

49th percentile

0.24x

Higher debt load relative to assets than 49% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

46th percentile

0.29x

Higher debt load relative to revenue than 46% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

51st percentile

7.0%

Higher net margin than 51% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$289,847

Higher top officer pay than 39% of similar nonprofits.

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

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

76th percentile

11%

Faster asset growth than 76% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

72nd percentile

18%

Faster revenue growth than 72% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Assets

Up

$56,000,486

Up $5,748,862 (+11%) from 2021

Net Assets

Up

$42,656,287

Up $2,543,543 (+6.3%) from 2021

Liabilities

Up

$13,344,199

Up $3,205,319 (+32%) from 2021

Revenue

Up

$45,994,382

Up $7,011,273 (+18%) from 2021

Expenses

Up

$42,755,804

Up $13,647,099 (+47%) from 2021

Net Income

Down

$3,238,578

Down $6,635,826 (-67%) from 2021

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2010: $29,335,098Liabilities 2010: $13,421,566Net Assets 2010: $15,913,5322010Assets 2011: $29,061,151Liabilities 2011: $11,783,065Net Assets 2011: $17,278,0862011Assets 2012: $32,778,725Liabilities 2012: $12,677,004Net Assets 2012: $20,101,7212012Assets 2013: $35,870,886Liabilities 2013: $14,820,173Net Assets 2013: $21,050,7132013Assets 2014: $34,205,634Liabilities 2014: $11,905,040Net Assets 2014: $22,300,5942014Assets 2015: $34,905,387Liabilities 2015: $12,406,058Net Assets 2015: $22,499,3292015Assets 2016: $35,930,062Liabilities 2016: $13,026,805Net Assets 2016: $22,903,2572016Assets 2017: $35,777,321Liabilities 2017: $11,646,951Net Assets 2017: $24,130,3702017Assets 2018: $36,263,158Liabilities 2018: $10,923,567Net Assets 2018: $25,339,5912018Assets 2019: $36,745,114Liabilities 2019: $10,719,461Net Assets 2019: $26,025,6532019Assets 2020: $40,840,876Liabilities 2020: $10,998,972Net Assets 2020: $29,841,9042020Assets 2021: $50,251,624Liabilities 2021: $10,138,880Net Assets 2021: $40,112,7442021Assets 2022: $56,000,486Liabilities 2022: $13,344,199Net Assets 2022: $42,656,2872022Assets 2023: $54,643,771Liabilities 2023: $10,167,861Net Assets 2023: $44,475,9102023Assets 2024: $55,990,319Liabilities 2024: $9,682,940Net Assets 2024: $46,307,3792024

Highlighted filing

2022

Assets$56,000,486
Liabilities$13,344,199
Net Assets$42,656,287

Operations Trend

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

$60M$40M$20M$0Expenses 2010: $23,178,4862010Expenses 2011: $22,734,6072011Expenses 2012: $21,945,4812012Expenses 2013: $23,496,2892013Revenue 2014: $25,038,239Expenses 2014: $23,788,358Net Income 2014: $1,249,8812014Revenue 2015: $24,233,176Expenses 2015: $23,908,145Net Income 2015: $325,0312015Revenue 2016: $24,097,401Expenses 2016: $23,644,132Net Income 2016: $453,2692016Revenue 2017: $26,006,911Expenses 2017: $25,148,661Net Income 2017: $858,2502017Revenue 2018: $27,544,760Expenses 2018: $26,546,705Net Income 2018: $998,0552018Revenue 2019: $25,257,935Expenses 2019: $24,589,150Net Income 2019: $668,7852019Revenue 2020: $28,944,971Expenses 2020: $25,128,720Net Income 2020: $3,816,2512020Revenue 2021: $38,983,109Expenses 2021: $29,108,705Net Income 2021: $9,874,4042021Revenue 2022: $45,994,382Expenses 2022: $42,755,804Net Income 2022: $3,238,5782022Revenue 2023: $36,775,998Expenses 2023: $35,410,151Net Income 2023: $1,365,8472023Revenue 2024: $35,170,711Expenses 2024: $34,194,501Net Income 2024: $976,2102024

Highlighted filing

2022

Revenue$45,994,382
Expenses$42,755,804
Net Income$3,238,578
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$45,994,382
Mission and Program Overview

Mission

The College strives to prepare students holistically to advance in a global society through the provision of intellectually stimulating programs and an environment which emphasizes high moral and spiritual values in keeping with the African Methodist Episcopal Church.

The University strives to prepare students holistically to advance in a global society through the provision of intellectually stimulating programs and an environment which emphasizes high moral and spiritual values.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$33,347,675$37,538,461▲ $4,190,786
Cash and Non-Interest-Bearing Accounts$6,624,248$10,145,405▲ $3,521,157
Accounts Receivable$5,003,063$3,945,573▼ $1,057,490
Investments in Publicly Traded Securities$3,509,686$3,042,214▼ $467,472
Investments Other Securities$799,743$842,426▲ $42,683
Pledges and Grants Receivable$450,475--
Prepaid Expenses and Deferred Charges$444,531$414,772▼ $29,759
Savings and Temporary Cash Investments$72,203$71,635▼ $568
Total Assets$50,251,624$56,000,486▲ $5,748,862
Liabilities
Tax Exempt Bond Liabilities$7,120,202$6,957,252▼ $162,950
Accounts Payable and Accrued Expenses$3,018,678$6,144,842▲ $3,126,164
Deferred Revenue-$242,105-
Total Liabilities$10,138,880$13,344,199▲ $3,205,319
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$37,145,433$39,170,643▲ $2,025,210
Net Assets With Donor Restrictions$2,967,311$3,485,644▲ $518,333
Total Net Assets Fund Balance$40,112,744$42,656,287▲ $2,543,543
Total Liabilities and Net Assets / Fund Balance$50,251,624$56,000,486▲ $5,748,862

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,291,922$29,524,087$48,816,009
Other Land Buildings$10,467,647$1,181,183$11,548,830
Equipment$3,557,790$5,444,791$9,002,581
Land$4,221,102-$4,221,102

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$1,680,649-▼ $3,814-$1,680,649
2020$1,680,649-▲ $396,436-$1,680,649
2019$1,680,649---$1,680,649
2018$1,680,649-▲ $17,277-$1,680,649
2017$1,680,649-▲ $211,166-$1,680,649
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Alderman Zachary FaisonPresidentFT$247,247$42,600$289,847
Dr Sharron Taylor BurnettExecutive Vice President and Chief Operating OfficerFT$170,000-$170,000
Dr Donna OliverProvost Senior Vice President of Academic AffairsFT$140,000-$140,000
Mr Randolph MitchellVice President for Finance Administration/Business InnovationFT$127,954-$127,954
Dr Jame'l HodgesVice President of Student Success and EngagementFT$110,000-$110,000
Dr Michael WestVice President for Institutional Effectiveness, Operations, Systems Management, Process OptimizationFT$110,000-$110,000
Dr Jennifer PriceVice President for Enrollment Management Strategic Matriculate ServicesFT$100,000-$100,000
Ms Abiola Wilson-BrigmonInterim Director of Intercollegiate AthleticsFT$100,000-$100,000

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Kelly ToursConstruction Contractor109 Nature Walk Parkway 103, Saint Augustine, FL 32207$1,552,115
Division 12 ConsultingTransportation Services2788 Highway 80 West, Garden City, GA 31408$779,946
-Security Services300 West Main Street, Smithtown, NY 11787$648,631
Bush Construction Company IncConstruction Contractor3741 Grant Road, Jacksonville, FL 32073$602,271
Arrow SecurityConstruction ContractorP O Box 361198, Birmingham, AL 35236$460,666
Revenue and Support

Revenue Composition

Contributions and Grants
$24,523,303
Program Service Revenue
$21,306,115
Investment Income
$26,675
Other Revenue
$138,289
All Other Contributions
$2,329,901
Change in Net Assets
$3,238,578

Audited Revenue Reconciliation

Revenue per Audited Statements
$45,994,382
Revenue Not Reported on Form 990
$-695,035
Total Revenue per Audited Statements
$45,299,347
Total Revenue per Form 990
$45,994,382
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$39,719,587
Grants and Similar Amounts Paid$1,888,416
Salaries, Compensation, and Employee Benefits$1,147,801
Total Fundraising Expense$291,346
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$13,956,043$3,691,799$291,346$17,939,188
All Other Expenses$4,674,663--$4,674,663
Grants to Domestic Individuals$1,888,416--$1,888,416
Current Officers, Directors, Trustees, and Key Employees-$1,147,801-$1,147,801
Total Functional Expenses$37,352,531$5,111,927$291,346$42,755,804

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$42,755,804
Total Expenses per Audited Statements$42,755,804
Total Expenses per Form 990$42,755,804
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
African Methodist Episcopal ChurchChairman of the Board of TrusteesMajor Contributor to the CollegeNo$649,899
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes-
Capital lease obligation-

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Jacksonville2004-06-09$4,400,000Facilities Improvements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$4,400,000---

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
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

The University presents the Form 990 to its finance/audit committee for review when the form is ready. Depending on when the committee meets and the due date of the return, the Form 990 is either modified before it is filed or an amendment is filed for any changes required from the finance/audit committees review.

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

Trustees are required to disclose at the next convening Board of Trustees meeting any conflict of interest. Trustees with a conflict of interest on a matter of vote must abstain from voting. The Universitys audit/finance committee is responsible for ensuring adherence to the policy.

Form 990, Part VI, Section B, Line 15A

The Board of Trustees, based on predetermined areas of performance, evaluates the work of the President annually. The Boards Evaluation and Compensation Committee evaluates the performance. When additional compensation is deemed appropriate, a review of salaries at peer institutions is conducted to assist in arriving at a recommendation to the Executive Committee for approval.

Form 990, Part VI, Section B, Line 15B

Compensation for top officers of the University is at the discretion of the President. This discretion is based on 1 previous salary history, 2 market data from the CUPA Survey published in the Chronicle of Higher Education, and 3 the bargaining process.

Form 990, Part VI, Section C, Line 19

The University makes its governing documents, conflict of interest policy, and financial statements available upon request. To obtain copies contact the business office and submit a request identifying the specific documents.

Filing and Contact Details

Filer

Filer Name
Edward Waters University Inc
EIN
59-1146751
Phone
9044708000
Address
1658 Kings Road, Jacksonville, FL 32209

Signing Officer

Name
Dr Sharron T Burnett
Title
EVPChief Operating Officer
Phone
9044708000
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Sharron T Burnett
Formed
1967
Legal Domicile
Fl
Voting Board Members
18
Independent Board Members
17
Employees
361
Volunteers
38

Preparer

Firm
The Wesley Peachtree Group CPAs
Address
1475 Klondike Road Suite 100, Conyers, GA 30094
Preparer
Dane Alexander
Phone
4048740555
Supplemental Narrative

Financial Statement Notes

III 4

The University maintains African artifacts. The displays are used for public exhibition, but more importantly for the education of future generations seeking knowledge of the past.

V 4

The endowment funds shown are permanently restricted. The University does not intend to use the funds.

X 2

The Universitys policy is to record a liability for any tax position taken that is beneficial to the University, including any related interest and penalties, when it is more-likely-than-not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there is no such position as of June 30, 2022. Accordingly, no liability has been accrued.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Dr Alderman Zachary Faison
IRS990/Form990PartVIISectionAGrp/PersonNm1Dr Sharron Taylor Burnett
IRS990/Form990PartVIISectionAGrp/PersonNm2Dr Donna Oliver
IRS990/Form990PartVIISectionAGrp/PersonNm3Mr Randolph Mitchell
IRS990/Form990PartVIISectionAGrp/PersonNm4Dr Jame'l Hodges
IRS990/Form990PartVIISectionAGrp/PersonNm5Dr Michael West
IRS990/Form990PartVIISectionAGrp/PersonNm6Dr Jennifer Price
IRS990/Form990PartVIISectionAGrp/PersonNm7Ms Abiola Wilson-Brigmon
IRS990/Form990PartVIISectionAGrp/PersonNm8Rev Ronnie Clark
IRS990/Form990PartVIISectionAGrp/PersonNm9Rev Victor D Cole
IRS990/Form990PartVIISectionAGrp/PersonNm10Rev Henry E Green
IRS990/Form990PartVIISectionAGrp/PersonNm11Dr Freddie Groomes-McLendon
IRS990/Form990PartVIISectionAGrp/PersonNm12Rev Dr R B Holmes
IRS990/Form990PartVIISectionAGrp/PersonNm13Ms Demetria Merritt-Bell
IRS990/Form990PartVIISectionAGrp/PersonNm14Rev Dr Julius H McAllister Jr
IRS990/Form990PartVIISectionAGrp/PersonNm15Ms Sanjena V Clay
IRS990/Form990PartVIISectionAGrp/PersonNm16Pastor Clifton Riley
IRS990/Form990PartVIISectionAGrp/PersonNm17Dr Rosa Simmons
IRS990/Form990PartVIISectionAGrp/PersonNm18Ms Pamela D Prier
IRS990/Form990PartVIISectionAGrp/PersonNm19Mr Charles Spencer
IRS990/Form990PartVIISectionAGrp/PersonNm20Rev Elizabeth E Yates
IRS990/Form990PartVIISectionAGrp/PersonNm21Rev Clarence A Williams
IRS990/Form990PartVIISectionAGrp/PersonNm22Dr R Bruce Taylor
IRS990/Form990PartVIISectionAGrp/PersonNm23Bishop Frank M Reid III
IRS990/Form990PartVIISectionAGrp/PersonNm24Dr Benjamin Okafor
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President
IRS990/Form990PartVIISectionAGrp/TitleTxt1Executive Vice President and Chief Operating Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt2Provost Senior Vice President of Academic Affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt3Vice President for Finance Administration/Business Innovation
IRS990/Form990PartVIISectionAGrp/TitleTxt4Vice President of Student Success and Engagement
IRS990/Form990PartVIISectionAGrp/TitleTxt5Vice President for Institutional Effectiveness, Operations, Systems Management, Process Optimization
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice President for Enrollment Management Strategic Matriculate Services
IRS990/Form990PartVIISectionAGrp/TitleTxt7Interim Director of Intercollegiate Athletics
IRS990/Form990PartVIISectionAGrp/TitleTxt8Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt9Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt111st Vice Chairperson
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt13Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt14Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt16Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt17Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt18Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt19Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt20Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt21Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt22Board Member
IRS990/Form990PartVIISectionAGrp/TitleTxt23Board Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt24Board Member
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IRS990/MissionDesc0The University strives to prepare students holistically to advance in a global society through the provision of intellectually stimulating programs and an environment which emphasizes high moral and spiritual values in keeping with the African Methodist Episcopal Church.
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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.$56.0$9.68$46.3$35.2$34.2$0.98
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$54.6$10.2$44.5$36.8$35.4$1.37
2022Detailed filing. Detailed filing data is available for this year.$56.0$13.3$42.7$46.0$42.8$3.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$50.3$10.1$40.1$39.0$29.1$9.87
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.8$11.0$29.8$28.9$25.1$3.82
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$36.7$10.7$26.0$25.3$24.6$0.67
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$36.3$10.9$25.3$27.5$26.5$1.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$35.8$11.6$24.1$26.0$25.1$0.86
2016Detailed filing. Detailed filing data is available for this year.$35.9$13.0$22.9$24.1$23.6$0.45
2015Detailed filing. Detailed filing data is available for this year.$34.9$12.4$22.5$24.2$23.9$0.33
2014Detailed filing. Detailed filing data is available for this year.$34.2$11.9$22.3$25.0$23.8$1.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$35.9$14.8$21.1$23.5
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$32.8$12.7$20.1$21.9
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.1$11.8$17.3$22.7
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.3$13.4$15.9$23.2