Civic Intelligence

Asbury College

EIN 61-0458355 • 501(c)3 • Wilmore, KY

View Organization Page

Profile

The mission of asbury university, as a christian liberal arts university in the wesleyan-holiness tradition, is to equip men and women, through a commitment to academic excellence and spiritual vitality, for a lifetime of learning, leadership and service to the professions, society, the family and the church, thereby preparing them to engage their cultures and advance the cause of christ around the world.

Refreshing map…

1 Macklem DriveWilmore, KY 40390

www.asbury.edu

Siviq Scores

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

Liabilities / Assets

26th percentile

0.08x

Higher debt load relative to assets than 26% of similar nonprofits.

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

Liabilities / Revenue

35th percentile

0.25x

Higher debt load relative to revenue than 35% of similar nonprofits.

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

Net Margin

30th percentile

-0.6%

Higher net margin than 30% of similar nonprofits.

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

Top Officer Pay

28th percentile

$325,021

Higher top officer pay than 28% of similar nonprofits.

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

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

Asset Growth

38th percentile

3.3%

Faster asset growth than 38% of similar nonprofits.

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

Revenue Growth

20th percentile

-3.8%

Faster revenue growth than 20% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets26th percentile

Assets

Up

$184,366,354

Up $7,728,761 (+4.4%) from 2023

Liabilities

Down

$13,796,728

Down $951,820 (-6.5%) from 2023

Net Assets

Up

$170,569,626

Up $8,680,581 (+5.4%) from 2023

Operations
Liabilities / Revenue35th percentileNet Margin30th percentile

Revenue

Up

$66,549,803

Up $4,864,022 (+7.9%) from 2023

Expenses

Up

$62,951,695

Up $4,319,664 (+7.4%) from 2023

Net Income

Up

$3,598,108

Up $544,358 (+18%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth38th percentile

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

$200M$150M$100M$50M$0Assets 2010: $98,843,695Liabilities 2010: $18,795,781Net Assets 2010: $80,047,9142010Assets 2011: $103,094,918Liabilities 2011: $17,122,223Net Assets 2011: $85,972,6952011Assets 2012: $104,088,312Liabilities 2012: $15,721,273Net Assets 2012: $88,367,0392012Assets 2013: $109,171,749Liabilities 2013: $14,764,152Net Assets 2013: $94,407,5972013Assets 2014: $114,982,941Liabilities 2014: $13,816,131Net Assets 2014: $101,166,8102014Assets 2015: $127,157,972Liabilities 2015: $16,381,001Net Assets 2015: $110,776,9712015Assets 2016: $131,296,216Liabilities 2016: $16,109,950Net Assets 2016: $115,186,2662016Assets 2017: $136,786,769Liabilities 2017: $15,745,081Net Assets 2017: $121,041,6882017Assets 2018: $138,217,179Liabilities 2018: $15,056,566Net Assets 2018: $123,160,6132018Assets 2019: $142,043,154Liabilities 2019: $14,201,042Net Assets 2019: $127,842,1122019Assets 2020: $144,144,761Liabilities 2020: $18,513,229Net Assets 2020: $125,631,5322020Assets 2021: $170,047,358Liabilities 2021: $15,044,676Net Assets 2021: $155,002,6822021Assets 2022: $169,761,805Liabilities 2022: $13,867,604Net Assets 2022: $155,894,2012022Assets 2023: $176,637,593Liabilities 2023: $14,748,548Net Assets 2023: $161,889,0452023Assets 2024: $184,366,354Liabilities 2024: $13,796,728Net Assets 2024: $170,569,6262024

Highlighted filing

2024

Assets$184,366,354
Liabilities$13,796,728
Net Assets$170,569,626
Open 2024 Filing

Operations Trend

Revenue Growth20th percentile

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $38,344,7422010Expenses 2011: $40,484,0482011Expenses 2012: $41,180,6562012Expenses 2013: $44,295,3672013Revenue 2014: $49,295,505Expenses 2014: $46,905,400Net Income 2014: $2,390,1052014Revenue 2015: $63,528,875Expenses 2015: $51,056,036Net Income 2015: $12,472,8392015Revenue 2016: $57,764,487Expenses 2016: $50,347,163Net Income 2016: $7,417,3242016Revenue 2017: $54,746,280Expenses 2017: $51,655,119Net Income 2017: $3,091,1612017Revenue 2018: $53,505,813Expenses 2018: $53,837,967Net Income 2018: -$332,1542018Revenue 2019: $57,848,599Expenses 2019: $54,180,208Net Income 2019: $3,668,3912019Revenue 2020: $52,608,542Expenses 2020: $53,533,398Net Income 2020: -$924,8562020Revenue 2021: $73,010,633Expenses 2021: $54,659,350Net Income 2021: $18,351,2832021Revenue 2022: $69,387,747Expenses 2022: $56,347,315Net Income 2022: $13,040,4322022Revenue 2023: $61,685,781Expenses 2023: $58,632,031Net Income 2023: $3,053,7502023Revenue 2024: $66,549,803Expenses 2024: $62,951,695Net Income 2024: $3,598,1082024

Highlighted filing

2024

Revenue$66,549,803
Expenses$62,951,695
Net Income$3,598,108
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$184,366,354
Liabilities
$13,796,728
Net assets
$170,569,626
Revenue
$66,549,803
Expenses
$62,951,695
Net income
$3,598,108
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$184$13.8$171$66.5$63.0$3.60
2023Summary only. Only limited summary data is available for this year.$177$14.7$162$61.7$58.6$3.05
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$170$13.9$156$69.4$56.3$13.0
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$170$15.0$155$73.0$54.7$18.4
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$144$18.5$126$52.6$53.5$0.92
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$142$14.2$128$57.8$54.2$3.67
2018Summary only. Only limited summary data is available for this year.$138$15.1$123$53.5$53.8$0.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$137$15.7$121$54.7$51.7$3.09
2016Summary only. Only limited summary data is available for this year.$131$16.1$115$57.8$50.3$7.42
2015Detailed filing. Detailed filing data is available for this year.$127$16.4$111$63.5$51.1$12.5
2014Detailed filing. Detailed filing data is available for this year.$115$13.8$101$49.3$46.9$2.39
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$109$14.8$94.4$44.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$104$15.7$88.4$41.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$103$17.1$86.0$40.5
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.8$18.8$80.0$38.3
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 28, 2025
Return Version
2023v6.0
Gross Receipts
$84,149,758
Mission and Program Overview

Mission

Asbury university equips students, through academic excellence and spiritual vitality, for lifelong learning, leadership, and service to the professions, society, the family and the church, preparing them to engage their cultures and advance the cause of christ worldwide.

A christian liberal arts university committed to academic excellence and spiritual vitality, equipping students for a lifetime of learning, leadership, and service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$83,469,832$86,284,618▲ $2,814,786
Investments in Publicly Traded Securities$56,141,090$62,386,706▲ $6,245,616
Investments Other Securities$21,501,387$22,271,121▲ $769,734
Pledges and Grants Receivable$2,340,649$5,121,621▲ $2,780,972
Cash and Non-Interest-Bearing Accounts$5,320,699$4,489,048▼ $831,651
Other Notes and Loans Receivable, Net$1,533,238$1,344,493▼ $188,745
Savings and Temporary Cash Investments$4,409,503$842,682▼ $3,566,821
Accounts Receivable$569,954$743,470▲ $173,516
Inventories for Sale or Use$225,540$272,020▲ $46,480
Prepaid Expenses and Deferred Charges$151,713$239,855▲ $88,142
Total Assets$176,637,593$184,366,354▲ $7,728,761
Other Assets Total$973,988$370,720▼ $603,268
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,028,212$4,711,239▼ $316,973
Tax Exempt Bond Liabilities$4,928,257$4,581,966▼ $346,291
Accounts Payable and Accrued Expenses$2,565,927$2,391,040▼ $174,887
Other Liabilities$1,500,937$1,319,443▼ $181,494
Deferred Revenue$725,215$793,040▲ $67,825
Total Liabilities$14,748,548$13,796,728▼ $951,820
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$85,107,843$90,143,931▲ $5,036,088
Net Assets With Donor Restrictions$76,781,202$80,425,695▲ $3,644,493
Total Net Assets Fund Balance$161,889,045$170,569,626▲ $8,680,581
Total Liabilities and Net Assets / Fund Balance$176,637,593$184,366,354▲ $7,728,761

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$66,889,207$52,386,309$119,275,516
Equipment$6,706,005$25,305,211$32,011,216
Other Land Buildings$9,538,835$7,900,188$17,439,023
Land$3,150,571-$3,150,571
Other Securities$207,283--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$74,961,008$1,128,598▲ $7,755,731$2,575,130$80,770,442
2022$71,102,782$1,664,681▲ $4,941,772$1,579,245$74,961,008
2021$72,329,143$7,214,719▼ $5,761,261$2,136,531$71,102,782
2020$55,519,136$3,578,492▲ $15,464,909$1,366,066$72,329,143
2019$57,411,282$566,231▲ $51,264$1,184,561$55,519,136
Compensation and Service Providers
Top Officer Pay28th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Kevin BrownPresidentFT$194,391$41,807$236,198
Sherry PowersProvostFT$138,546$16,695$155,241
Mark WhitworthVP for Intercollegiate AthleticsFT$118,316$23,463$141,779
Dr Mark J TroyerVP for Institutional AdvancementFT$115,071$22,510$137,581
Jennifer McchordVP for Enrollment ManagementFT$104,698$22,197$126,895
Glenn R HamiltonVP for OperationsFT$104,129$22,372$126,501
Dale L JarrardAssociate VP for AdvancementFT$100,775$22,169$122,944
Dr Sarah B BaldwinVP for Student DevelopmentFT$85,965$21,784$107,749

Board Members and Trustees

NameTitle
Larry D BrownBoard Chair
Timothy a ShellVice Chair
Aaron P AmmermanTrustee
Andrew J ColemanTrustee
Ashleigh Lindsay-behnkeTrustee
Ce Crouse JrTrustee
Cindy-lou DrummondTrustee
Commissioner E Sue SwansonTrustee
Delvin J PikesTrustee
Elaine a BerniusTrustee
Hon Joseph R PittsTrustee
Jamie C HigdonTrustee
Janine C JonesTrustee
Jeffrey E StrykerTrustee
Jorge AcevedoTrustee
Lisa L AusleyTrustee
Margaret G KimTrustee
Neal R SchultzTrustee
Richard O SpeakmanTrustee
Rob L AukermanTrustee
Ron BallTrustee
Stephen K ToadvineTrustee
Waldon GarrissTrustee
Sarah L LuceSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
D W Wilburn INCConstruction153 BLUE SKY PARKWAY, Lexington, KY 40509$6,093,730
Pioneer College CaterersCatererBOARDERS ACCOUNT CPO ASBURY UNIVER, Wilmore, KY 40390$2,621,312
Davis H Elliot Construction Co INCConstructionPO BOX 37251, Baltimore, MD 21297-3251$334,321
Necto Architecture PscArchitect310 OLD VINE STREET SUITE 100A, Lexington, KY 40507$300,698
Peterson RoofingConstruction92 LANTERN WAY, Nicholasville, KY 40356$279,528
Revenue and Support

Revenue Composition

Contributions and Grants
$11,893,063
Program Service Revenue
$50,461,940
Investment Income
$2,709,093
Other Revenue
$1,485,707
All Other Contributions
$11,878,721
Change in Net Assets
$3,598,108

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 Traded19$1,103,354Fair Market Value
Other Non Cash Contri Table3$97,000Fair Market Value
Works of Art3$76,437Fair Market Value
Total Noncash Contributions25$1,276,791-

Audited Revenue Reconciliation

Revenue per Audited Statements
$44,582,226
Revenue Not Reported on Financial Statements
$21,967,577
Revenue Not Reported on Form 990
$5,163,972
Other Revenue Adjustments
$21,703,349
Total Revenue per Audited Statements
$49,746,198
Total Revenue per Form 990
$66,549,803
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$22,976,791
Grants and Similar Amounts Paid$21,703,349
Other Expenses$18,271,555
Total Fundraising Expense$1,253,318
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$21,703,349--$21,703,349
Other Salaries and Wages$13,483,227$2,872,842$729,197$17,085,266
Depreciation Depletion$3,980,173$178,737-$4,158,910
Occupancy$3,693,690$151,390$5,685$3,850,765
Other Employee Benefits$2,422,865$584,646$140,985$3,148,496
Payroll Taxes$949,148$257,604$54,324$1,261,076
Information Technology$929,558$186,194$75,664$1,191,416
Other Expenses$724,150$199,235$128,915$1,052,300
Current Officers, Directors, Trustees, and Key Employees$333,284$691,480-$1,024,764
Travel$775,715$113,017$66,932$955,664
Insurance$575,619$80,472-$656,091
Advertising$359,904$145,780$7,244$512,928
Interest$322,984$169,159-$492,143
Pension Plan Contributions$358,384$77,671$21,134$457,189
Fees for Service Investment Mgmnt Fees-$264,228-$264,228
Fees for Services Other$196,812$1,377-$198,189
Office Expenses$86,060$35,157$23,238$144,455
Fees for Services Accounting-$94,029-$94,029
Fees for Services Legal-$89,043-$89,043
Conferences and Meetings$49,850$10,441-$60,291
Total Functional Expenses$55,495,875$6,202,502$1,253,318$62,951,695

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$62,951,695
Total Expenses per Audited Statements$41,065,617
Expenses per Audited Statements$40,984,118
Expenses Not Reported on Financial Statements$21,967,577
Other Expense Adjustments$21,703,349
Expenses Not Reported on Form 990$81,499
International Activity

International Summary

Offices
0
Employees
0
Spending
$16,543,080

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
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$14,751,215
Europe (including Iceland & Greenland) - Albania, Andorra, Austria, BelgiumInvestments-00$1,791,865
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits Held in Custody for Others$475,779
Refundable Student Loans$414,925
Financing Lease Liability$225,106
Health Plan Reserve$133,233
Operating Lease Liability$53,458
Housing and Key Deposits$16,942

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Wilmore Ky2009-12-18$9,000,000Construction of campus facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,000,000-$4,418,034$335,931

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 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

“The governing board delegates the review of the core form to the audit committee. Management reviews the return with our independent accountants before the form is filed.”

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

“Each trustee is to review the conflict of interest policy annually and identify any existing conflicts, or affirm that there is no conflict of interest. The forms are submitted to the secretary of the board of trustees. The committee on governance and trustee development has the responsibility to review and monitor compliance with the procedure. The conflict of interest policy for employees and officers requires disclosure of any potential conflicts of interest to the employee's supervisor, but does not require annual disclosure and affirmation.”

Form 990, Part VI, Section B, Line 15

“Ceo and top management officials: comparative data is compiled by the human resources office and supplied to the chair of the board of trustees to determine presidential compensation. Other officers or key employees: annual comparative salary surveys are compiled annually. Benchmarks for each officer and key employee have been established based on this comparative data. The president establishes compensation for the officers.”

Form 990, Part VI, Section C, Line 19

“The organization's conflict of interest statement is available in the administrative policy manual on the organization's website. The governing documents and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Asbury College
EIN
61-0458355
Phone
8598583511
Address
1 MACKLEM DRIVE, WILMORE, KY 40390
Doing Business As
Asbury University

Signing Officer

Name
Glenn R Hamilton
Title
VP for Operations
Phone
8598583511
Signed
2025-04-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Brown
Formed
1904
Legal Domicile
Ky
Voting Board Members
24
Independent Board Members
24
Employees
1,221
Volunteers
80

Preparer

Firm
Dean Dorton Allen Ford Pllc
Address
250 W MAIN STREET STE 1400, LEXINGTON, KY 40507
Preparer
Allison C Carter
Phone
8592552341
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in value of split interest agreements -28,470.”

Form 990, Part XII, Line 2C

“The process for determining the review and selection of the independent accountant has not changed from the prior year.”

Financial Statement Notes

PART III, LINE 4:

“Artwork is displayed for enrichment of educational experience. Books, papers, etc. From the wesley and macclesfield collection are held in archives for exhibition and research.”

PART V, LINE 4:

“Endowment consists of approximately 400 individual funds, both donor-restricted and board designated. Income from these funds are restricted or designated for the purpose of providing financial aid for students (both scholarships and student loans), and support of instruction, facilities, and other programs.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Change in value of split interest agreement -28,470. Cost of goods sold netted with revenue on form 990 81,499.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Student aid netted with revenue on financials 21,703,349.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Cost of goods sold netted with revenue on form 990 81,499.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Student aid netted with revenue on financials 21,703,349.”

Raw XML AppendixShowing 400 of 956 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.

Path#Value
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IRS990/AccountsPayableAccrExpnssGrp/EOYAmt02391040
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IRS990/AccountsReceivableGrp/EOYAmt0743470
IRS990/ActivitiesConductedPrtshpInd00
IRS990/ActivityOrMissionDesc0A CHRISTIAN LIBERAL ARTS UNIVERSITY COMMITTED TO ACADEMIC EXCELLENCE AND SPIRITUAL VITALITY, EQUIPPING STUDENTS FOR A LIFETIME OF LEARNING, LEADERSHIP, AND SERVICE.
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IRS990/BooksInCareOfDetail/USAddress/CityNm0WILMORE
IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd0KY
IRS990/BooksInCareOfDetail/USAddress/ZIPCd040390
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt2PO BOX 37251
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/CityNm2BALTIMORE
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/StateAbbreviationCd1KY
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IRS990/Desc0ASBURY UNIVERSITY IS A CHRISTIAN LIBERAL ARTS UNIVERSITY. THE COLLEGE WAS FOUNDED IN 1890 AND IS ACCREDITED BY THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS, THE NATIONAL ASSOCATION OF SCHOOLS OF MUSIC, AND THE TEACHER EDUCATION PROGRAM BY THE KENTUCKY DEPARTMENT OF EDUCATION. THE COLLEGE OPERATES A MAIN CAMPUS IN WILMORE, KY AND A VIRTUAL CAMPUS FOR ON-LINE LEARNING, PROVIDING EDUCATION FOR APPROXIMATELY 1,927 STUDENTS.
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